On leasehold properties where the lease has only eighty years to run, this may cause issues for lenders in granting mortgages. Each lender will have their own specific requirements and these are governed by the UK Finance Handbook. Prior to the Leasehold Reform, Housing & Urban Development Act 1993 (LRHUDA 1993), leaseholders/tenants with insufficient terms…
When an owner of commercial business premises agrees to grant permission for those premises to be occupied by a third party, it is important to consider whether the occupation should be on the basis of a lease, a licence or a tenancy at will, as each option has its own advantages and disadvantages. Firstly, we…
The Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993), introduced the right for tenants to request an extension on their existing tenancy. The Act gives eligible tenants the right to request a lease extension from their landlord with a payment of a premium and a peppercorn rent. There are two ways of obtaining…
