Lease Sir, can I have some more?
Leases have been around since long before Charles Dickens penned his first novel.
In this edition we are looking at residential leases. Not short lets and not periodic tenancies, but the sort of lease someone who wants to own a flat might buy. Terms of 125 years are probably most common. 99 years is also an old favourite.
While you’re at it, why not enter our ITL Quiz to be in the running to win a prize? Quiz closes on Wednesday 5th August!
Our ITL library is bursting with past issues ranging from ‘what to look for when inspecting a site’ through to ‘what collateral warranties are and why we need them’ so why not take a look.
For further information please contact Neil Toner, Partner, Head of Real Estate at Devonshires.
For each issue of ITL, we also run a quiz. Our Residential Lease Extensions quiz has now closed, but why not test your knowledge anyway (note: answers are also below!):
Q1: Which Act provides a residential tenant with the right to extend the Lease of their flat?
(A) Landlord and Tenant Act 1954
(B) Land of Property Act 1925
(C) Leasehold Reform, Housing and Urban Development Act 1993
Q2: In order for a Lease to qualify for an extension under the relevant legislation, it must have been granted for at least 21 years. True or false?
Q3: According to the relevant legislation, the tenant of a flat is entitled to an extended Lease of 80 years in addition to the current remaining term. True or false?
Q1: (C) Leasehold Reform, Housing and Urban Development Act 1993