Modernisation of Lease extensionsMake Text Bigger
I have a 75 year lease on a flat which is being run as a buy to let. I have entered into negotiations with the landlord to try and achieve a lease extension.
The landlord has a supplied a completly new draft lease for consideration. My old lease lease does not require me to get the freeholders consent to sublet which was one of the attractions to me when I purchased the property. The new lease has a clause which requires me now to gain permission (at a fee) from the freeholder for each sublet.
My understanding is that if I opted to extend the lease under the act (leasehold reform act) then all the freeholder would be able to do is to extend the lease and introduce some modernisations such as bringing outdated fees up to date.
I think removing my right to not have to gain permission for each let is more than a modernisation… it is a fundamental change to the lease.
My question therefore is; does anyone have experience of this and if I did cut my losses now and proceed with the act could I be 99% sure of preserving the existing terms in the lease which do not require me to seek permission for each letting?
Thanks in anticipation.
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