Tony Lilleystone

Registered with Property118.com
Thursday 12th September 2013


Latest Comments

Total Number of Property118 Comments: 64

Tony Lilleystone

15:28 PM, 21st June 2016
About 4 years ago

Purchasing property and renewing lease?

It looks from your post as if the whole of the building is comprised in a single lease. If that is the case then it may be a business lease which you wouldn't be entitled to extend.
Owners of leasehold houses may be entitled to a lease extension or to buy the freehold but it doesn't look as if this property falls within the definition of a house.
Business leases may be renewable under Part II of the Landlord and Tenant Act 1954.... Read More

Tony Lilleystone

15:09 PM, 20th June 2016
About 4 years ago

16% Increase in my commercial rent - fair?

What does your lease say about rent increases?... Read More

Tony Lilleystone

15:38 PM, 23rd May 2016
About 4 years ago

Lease Extension and RPI effect on sale and marketability?

Ground rent reviews of the sort you mention are not looked on with any favour by mortgage lenders, so you could find marketability affected by difficulties in buyers getting a mortgage. Better go down the statutory route where the GR is reduced to a peppercorn.... Read More

Tony Lilleystone

15:32 PM, 23rd May 2016
About 4 years ago

Second property Stamp duty Just because we live together?

Just to add that although co-habitees do not appear to be mentioned in the English SDLT legislation they are in the similar Scottish legislation for their Land and Buildings Transaction Tax - I believe because Scottish Law may recognise 'common law marriage' - so if you were buying in Scotland you would be caught for higher-rate tax.... Read More

Tony Lilleystone

17:31 PM, 26th April 2016
About 4 years ago

Small block of 6 flats with no block policy insurance?

This insurance situation is not uncommon with maisonettes or when old houses are converted into flats.
It is likely that buyers’ solicitors will be unhappy, as mortgage lenders will normally want reassurance that the whole building is insured under a single policy.
However the answer to the problem will probably be for you to pay the premium for a Contingent Buildings Insurance legal indemnity policy. Such a policy provides cover when any part of the building of which the flat forms part is damaged by an insured event but the freeholder or another lessee has failed to insure entirely or for an adequate amount.
These indemnity insurance policies are normally arranged through solicitors and they should be able to get a quote for you. But you don’t need to pay anything until you have a buyer and their solicitors raise the point – they might not!
You could check whether your solicitors arranged such a policy when you bought your property – if so then it could be passed on to the buyer (but a top-up premium may be payable.)... Read More