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Will clause in new lease effect selling

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  • Will clause in new lease effect selling

    Hello i am in the process of increasing the lease on my flat which is above a parade of shops. The whole building is owned by one property management company, i have agreed a price for the lease extension but they are insisting of putting in the new lease the right for the landlord at any time 5 years before the end of the lease to apply to the court for an order for possession on the grounds of purpose for redevelopment is present. The landlord is stating that the clause is a mandatory requirement under the statutes, so they want it stated in the lease.
    Is this going to make the flat hard to sell, my mortgage lender had no problem with the extension and never mentioned it. Is this common on leases?

  • #2
    Re: Will clause in new lease effect selling

    When will the new lease expire?
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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    • #3
      Re: Will clause in new lease effect selling

      Hello thank you for the reply, the old lease had 67 years left and I'm adding 90 years so 157 years shall be on the lease. I really just want to establish will this clause being in writing cause me problems selling. Any advice would be greatly appreciated.

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      • #4
        Re: Will clause in new lease effect selling

        If it says that the freeholder can't exercise his right for 152 years then i can't see why anyone buying now would be worried. If they were buying 152 year lease they should be quite happy so what's wrong with a 157 year lease that could be de=termined 5 years early?
        RICHARD WEBSTERwww.rwco.co.uk
        As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

        Comment

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