Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About 2 weeks ago 83
I own Freehold of a block of flats in London. One of the lessee has 53 years of unexpired lease remaining. He/She does not want to extend it for various reasons. He/She is in mid 50s. He/She has no one to assign the property to in the Will as he/she has No dependants.
What happens if he does not survive the remaining 53 years of the lease before it becomes my property or property of my Estate. I am 76 years old.
Question 1: If the leaseholder dies before the remaining years expire would the property get transferred to me automatically without paying any consideration to his Estate.
Question 2: If the property does not pass to me automatically would it go to the Crown and can the Crown sell it to me or give it to me as a Freeholder.
Question 3: Is it possible that if Crown takes over will it negotiate a premium to extend the lease to 99 years.
The premium in current situation could be as much as £100k
Can someone give advice.
Thank you in advance.
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