The lease is a long-term commitment between the landlord, perhaps the managing agent, and the leaseholder, whereby the leaseholder is entitled (subject to the payment of ground rent, services and insurance and complying with other covenants) to enjoy the property for a fixed period of time ranging between 99 and 999 years.
Once created, a lease is difficult to vary without consent from all parties so it makes sense to consider important aspects at the outset.
Whilst it may be tempting in the short term to just ‘recycle’ an old lease and try to make it fit for a new development, old leases often lack the key terms that support effective property management and certainty for all stakeholders. Any managing agent appointed to manage the property will want to take a close look at the lease, as will the original leasehold purchasers and their successors.
Lease creation expertise
We are skilled in the drafting of leases from the development outset to ensure the “best fit” to your objectives and to maximise the current and future investment returns to the developer. With complex buildings we aim to include pragmatic advice and commercial acumen to avoid costly litigation further along the buildings’ life cycle.
For a well thought out approach to lease drafting and ensuring all party’s objectives are achieved contact Brady Solicitors’ Real Estate team via the form on the right of the page