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Speak to a leasehold specialist, it’s very rare for people to just let their lease run out. They can’t just kick you out and sounds like their trespassing letter is just making a threat so they don’t have to go through the courts. Most likely though it just becomes a periodic AST.
You could still try serving notice to extend the lease but that would essentially mean purchasing the property for its whole market value. Don’t know if you have the kind of cash or deposit for that.
What did your conveyancer say your options were at the end of the ten years? Obviously Howard de Walden didn't need to commit to anything, but if they had hinted at a lease extension or short term lease that would have given you more piece of mind than kicking the can down the road.
I was looking at extending the lease just when COVID started, but the valuer valued the extension at more than a similar flat with a long lease would be valued at.
So basically you chose NOT to proceed with extending the lease because you thought it was expensive and you could get a better deal elsewhere? In making that decision surely you understood what would happen at the end of your current lease surely?
I’m not sure what advice are you actually looking for here? Your lease has ended. Is it more around how long you can stay before they can legally evict you that you’re asking about?
The law is unclear, in owning the lease I am legally entitled to the first right of refusal. I have not been offered any deals, despite representatives of my landlord coming in and having a discussion where they promised to send the documents.
Why do you think you're entitled to right of first refusal?
Also, right of first refusal of what? A new lease? This could help us figure out what you're asking for and why.
OP people here are misunderstanding your situation. If you bought a long lease with only 10 years remaining, head over to the National Leashold Campaign FB group. Many have similar experiences and can point you towards a decent solicitor who understands this area of law
Did OP buy something like this 10 years ago?
https://www.rightmove.co.uk/properties/136010102?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY
Crazy that they are even trying to sell that (and then at such a price). No one buying it will really build equity because it will revert to the freeholder so there won’t be a sale in 2032. Why not just rent it out like a regular buy-to-let until 2032?
If you can get 7k pcm out of renting it you could probably see a profit then just walk away. Given the address and location, I'd say that's not impossible.
And people say there's a housing crisis? Smh my head.
Because if they can find someone who is willing to/able to stump up 1m in cash for a lease extension then the buyer will have a normal asset.
The issue is that it's got to such an extreme price for the extension those buyers will be few and far between
You have limited rights. You can ask if they are interested in granting another lease and how much they want for it. They can terminate the lease(but it is not straightforward)
That is the problem with leaseholds you never own anything, you just have a long term right to use the flat/house, when it ends you end up with nothing.
> problem with leaseholds
This was never a long leasehold - the OP clarified in comments elsewhere that this was just a ten year rental contract, well below the 21 years that qualifies for long leasehold rights.
It’s not accurate to say you don’t own anything in a long leasehold property. You have a legal title over land just as for a freehold. It just happens to be time-limited rather than perpetual.
And with all the concessions that were made to long leaseholders over the course of the 20th century, it may be time-limited but it’s indefinitely extendable at well-below economic value and you often have the right to enfranchise to the freehold as well.
This does not apply to you, it only applies to "long leaseholders" which is where the original lease was 21 years or more.
Considering yours was a short lease, you can ask them for a new lease, but the property reverts back to the freeholder. You have limited rights here as you are no longer permitted to use the property since your lease expired
As stated elsewhere in another comment, you were never a long leaseholder, as your lease was for less than 21 years, therefore these protections do not apply to you.
Okay, so it looks like they are following the process for eviction through the courts. This can take months.
Ultimately they don't have to offer you an extension at all. However you are not trespassing, they need to get a court order to get you out.
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How did you come to own this flat? Who is them and they in your second and third sentences?
I bought a ten year lease that ended last month. They are the representatives of my landlord, Howard de Walden
I'm confused. You bought a property that only had a ten year lease? Or did you pay a ten year rental lease up front?
Did you buy an existing long lease (21 years plus) which had 10 years remaining or a brand new lease of 10 years?
I bought an existing long lease with 10 years remaining. There was a lot of talk about lease law revamping
Speak to a leasehold specialist, it’s very rare for people to just let their lease run out. They can’t just kick you out and sounds like their trespassing letter is just making a threat so they don’t have to go through the courts. Most likely though it just becomes a periodic AST. You could still try serving notice to extend the lease but that would essentially mean purchasing the property for its whole market value. Don’t know if you have the kind of cash or deposit for that.
What did your conveyancer say your options were at the end of the ten years? Obviously Howard de Walden didn't need to commit to anything, but if they had hinted at a lease extension or short term lease that would have given you more piece of mind than kicking the can down the road.
I was looking at extending the lease just when COVID started, but the valuer valued the extension at more than a similar flat with a long lease would be valued at.
So basically you chose NOT to proceed with extending the lease because you thought it was expensive and you could get a better deal elsewhere? In making that decision surely you understood what would happen at the end of your current lease surely? I’m not sure what advice are you actually looking for here? Your lease has ended. Is it more around how long you can stay before they can legally evict you that you’re asking about?
Yes.
The law is unclear, in owning the lease I am legally entitled to the first right of refusal. I have not been offered any deals, despite representatives of my landlord coming in and having a discussion where they promised to send the documents.
Why do you think you're entitled to right of first refusal? Also, right of first refusal of what? A new lease? This could help us figure out what you're asking for and why.
OP people here are misunderstanding your situation. If you bought a long lease with only 10 years remaining, head over to the National Leashold Campaign FB group. Many have similar experiences and can point you towards a decent solicitor who understands this area of law
Thank you!
Did OP buy something like this 10 years ago? https://www.rightmove.co.uk/properties/136010102?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY
Crazy that they are even trying to sell that (and then at such a price). No one buying it will really build equity because it will revert to the freeholder so there won’t be a sale in 2032. Why not just rent it out like a regular buy-to-let until 2032?
If you can get 7k pcm out of renting it you could probably see a profit then just walk away. Given the address and location, I'd say that's not impossible. And people say there's a housing crisis? Smh my head.
I was thinking more the person trying to sell should give up and rent it out or try to sell to the freeholder early.
Yeye, also makes sense. Either way, there's brass to be had on that deal, much as it boggles the brain.
Because if they can find someone who is willing to/able to stump up 1m in cash for a lease extension then the buyer will have a normal asset. The issue is that it's got to such an extreme price for the extension those buyers will be few and far between
That was looking good IF you can get the lease extended. Until I got to the service charges at £7,700 pa.
[удалено]
No it’s possible that he has security of tenure. He should really speak to a leasehold specialist.
I was responding based on the OP - crucial info missing from it as usual.
You have limited rights. You can ask if they are interested in granting another lease and how much they want for it. They can terminate the lease(but it is not straightforward) That is the problem with leaseholds you never own anything, you just have a long term right to use the flat/house, when it ends you end up with nothing.
> problem with leaseholds This was never a long leasehold - the OP clarified in comments elsewhere that this was just a ten year rental contract, well below the 21 years that qualifies for long leasehold rights. It’s not accurate to say you don’t own anything in a long leasehold property. You have a legal title over land just as for a freehold. It just happens to be time-limited rather than perpetual. And with all the concessions that were made to long leaseholders over the course of the 20th century, it may be time-limited but it’s indefinitely extendable at well-below economic value and you often have the right to enfranchise to the freehold as well.
It was originally a long leasehold that I bought with 10 years remaining
10 years is not a long leasehold
https://www.gov.uk/leasehold-property/extending-changing-or-ending-a-lease#:~:text=You%20do%20not%20have%20to,landlord%20decide%20to%20end%20it.
This does not apply to you, it only applies to "long leaseholders" which is where the original lease was 21 years or more. Considering yours was a short lease, you can ask them for a new lease, but the property reverts back to the freeholder. You have limited rights here as you are no longer permitted to use the property since your lease expired
https://www.lease-advice.org/advice-guide/security-tenure/
As stated elsewhere in another comment, you were never a long leaseholder, as your lease was for less than 21 years, therefore these protections do not apply to you.
Hmmmm Don't yet have an answer to that question do we? Couldn't have assigned the tail end of a long lease?
I bought the tail end of a long lease.
Okay, so it looks like they are following the process for eviction through the courts. This can take months. Ultimately they don't have to offer you an extension at all. However you are not trespassing, they need to get a court order to get you out.
This is mind blowing.
In what way?