What is meant by bi-party Lease?Make Text Bigger
I am a landlord of one flat in a converted house of 4. There is a management company for the block which has always been (badly) run by agents. There are now two landlords and two owners in the block.
We have only recently got to a stage where there are enough owners and are looking at managing ourselves.
I have been trying to find out about the freehold state as I know my lease is getting low. The current agents in charge stated that it is a ‘bi-party Lease which means the agreement is between management and the Leaseholder, so there is not a 3rd party company who owns the Freehold of the site.’
I checked with land reg and the property has no freeholder listed. I have not heard this term before and I cant find any info on it and what it is and what rights it gives us.
Can someone enlighten me?
Many thanks in advance.
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