Extension rights extended
Good news for many flat owners. On 26 July 2002, sections 129-133 of the Commonhold and Leasehold Reform Act 2002 were brought into force. This will considerably extend the range of leaseholders capable of buying a further 90 years under the Leasehold Reform, Housing and Urban Development Act 1933.
The qualifying conditions no longer include a residency test; nor does the requisite long lease have to be at a low rent. Claims can now be made by the personal representatives of a deceased qualifying tenant.
These, together with certain valuation changes, are considered by Damien Greenish of Pemberton Greenish in
As noted in our forum correspondence, the abolition of the residency test seems to have opened the door to corporate lessees.
Extension rights extended
Good news for many flat owners. On 26 July 2002, sections 129-133 of the Commonhold and Leasehold Reform Act 2002 were brought into force. This will considerably extend the range of leaseholders capable of buying a further 90 years under the Leasehold Reform, Housing and Urban Development Act 1933.
The qualifying conditions no longer include a residency test; nor does the requisite long lease have to be at a low rent. Claims can now be made by the personal representatives of a deceased qualifying tenant.
These, together with certain valuation changes, are considered by Damien Greenish of Pemberton Greenish in Extension course Estates Gazette 20 July 2002, p145.
As noted in our forum correspondence, the abolition of the residency test seems to have opened the door to corporate lessees.
