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The Council is the freehold owner of a block
of flats in Yeomans Close Tongham. Flat 5A was originally sold 28
November 1988 under the provisions of the Right to Buy for a term
of 125 years from 6 February 1984 at a ground rent of £10.
The current lessee wishes to extend the term of the lease to make
it more saleable on the open market. The lessee has exercised their
statutory rights under Leasehold Reform Housing and Urban
Development Act 1993 to require the grant of longer lease. Under
the legislation, the Council as the competent landlord, is required
to grant a new lease to the owner of the flat for an additional
term of 90 years on top of the unexpired term of the lease, and on
the same terms as the existing lease, save that the annual ground
rent will be a peppercorn if demanded.
The consideration for a new lease is governed by the legislation
and determined by specialist valuers. The lessee will be required
to pay all of the Council’s legal and surveyors costs.