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
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Previous Article
Webinar Q&A part 2Next Article
Tenancy deposit cap to be cut to 5 weeks
Member Since February 2011 - Comments: 3454 - Articles: 286
10:12 AM, 10th January 2019, About 7 years 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.”
Member Since July 2013 - Comments: 1266 - Articles: 1
4:27 PM, 11th January 2019, About 7 years 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?