What is a Long Lease?
- A lease granted originally for a term of more than 21 years
- Other features of a long lease generally are:
- A low rent (called 'ground rent') is payable
- The lessee is responsible for the repair of the property if it is a house
- If an apartment, the lessee will be required to pay a service charge as a contribution to the repair, maintenance and management of the block
What rights do long lessees have when their leases expire?
If your lease is about to expire and you are an individual, (as opposed to a corporate entity) you will have the right to remain in occupation. Your occupation will become what is known as an Assured Tenancy (provided the rental value of your property is less than £100,000 per year). As an assured tenant you will pay a market rent. As corporate bodies cannot occupy residential property they cannot enjoy security of tenure and may have to give up possession when the lease expires.
What rights do long lessees have while their leases continue?
Most long lessees have rights under the various Leasehold Reform Acts to either extend their existing leases by 90 years or to acquire the freehold of their house. If the property is an apartment, then a leaseholder may have the right with their neighbours to acquire the freehold of the block in which the apartment is situated by what is known as a collective enfranchisement.
What can I do if I am dissatisfied with the management of my block?
Contact Cadogan in the first instance and let us know of the problems you are experiencing. If we are unable to help (because for example, the building is managed by a head lessee and not Cadogan), you may be able to take advantage of the 'Right to Manage' provisions and, together with your neighbours, take over the management of the block yourselves. For more information you should contact your solicitor or the Residential Property Tribunal Service.
What happens if I want to sell my lease, let or alter my home?
In the first instance, please refer to your lease, which will outline what you can do, the consult with your lawyer. Should you require further general information on alterations, please see consent to alter.