Understanding Lease Extensions
The Crown, the Church, and five aristocratic estates own around a thousand acres of central London’s super-prime real estate. Collectively this wealth is estimated to be worth £22 billion. When acquiring or extending a lease in Prime Central London, it’s very likely that it will be with these large institutional landowners that you’ll be negotiating.
If, like many prime residential property investors from outside the UK, the concept of a lease is completely alien to you then the first step should be to understand the differences between lease hold and freehold properties. Here we have produced a previous blog on the matter: http://www.janinestone.com/industry-insights/freehold-vs-leasehold/
For those who have already purchased a leasehold property and then you’re more likely to want to know about how lease extensions have to be negotiated. Negotiating the right deal can save you millions in Prime Central London, so when entering into this process it’s always advisable to consult a qualified solicitor. To understand some of the fundamental ideas, then law practice Child & Child have helpfully produced the guide to understanding lease extensions in London: https://www.childandchild.co.uk/cms/document/lease_extensions_practical_guide.pdf