Informal lease extension and purchase of the share of freehold

We acted for a Leaseholder in relation to their informal lease extension and purchase of the share of freehold. We were instructed on the basis that completion had to take place within 5 weeks of instruction.

Challenges

The challenges to be addressed included:

• The deadline for completion was just 5 weeks.

• Making an application to the Land Registry to expedite my client’s registration as owner of the property having only just completed on the purchase.

• The premium was a significant sum in this instance and therefore stamp duty was payable and as such a stamp duty form had to be completed and sent for approval.

• An Accountant needed to be instructed to advise on the level of stamp duty due.

• Negotiate the terms of the lease and then arrange execution of the same - review the draft lease as soon as it was received and cross refer with the original lease and any other recently extended leases in the block to ensure that it was consistent and that there were no onerous terms.

Impact

By prioritising this client’s lease extension, we were able to provide an efficient service and provide them with the reassurance and confidence that they required to know that the deadline would be met without any compromise in the level of service received. As such the matter was completed within the required time limit and the client was delighted that they owned a property with a newly extended lease and share of freehold for the amount initially agreed with the Freeholder, without any need for the premium to be recalculated.