What is meant by bi-party Lease?

by Readers Question

10:03 AM, 10th January 2019
About 6 months ago

What is meant by bi-party Lease?

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What is meant by bi-party Lease?

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.

AC



Comments

Neil Patterson

10:12 AM, 10th January 2019
About 6 months ago

Could it be a Shared Ownership Lease? >> https://www.lease-advice.org/faq/shared-ownership/

"A hybrid between renting and owning property. A shared ownership leaseholder buys less than 100% of the equity in a property and pays rent on the rest. It is usually possible for the leaseholder to staircase their ownership to 100% by buying additional shares."

Puzzler

16:27 PM, 11th January 2019
About 5 months ago

The agents should be able to tell you who is the freeholder. It may be the management company (in which you may be a shareholder). What does it say at the top of your lease (both parties should be stated there - one will be the first purchaser of your flat) and when was it created?

What do you mean by enough owners?


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