Purpose

To ‘extend’ the current lease held by the owner of the subject property (by way of a surrender and re-grant if necessary) for a further period of 90 years. The extension would be carried out subject to the provisionally agreed heads of terms.

Decision

To ‘extend’ the current lease of the subject property (by way of a surrender and re-grant if necessary) for a further period of 90 years.  The lease extension to be subject to the payment of a premium of £1,750.  In addition, the leaseholder would be required to pay the councils fees totalling £650.

Reasons for the decision

To accommodate a request from the current owner of the subject property to extend the existing lease term.  The current owner of the property is seeking to sell the property, however with only 60 years remaining on the lease term, they are concerned that interested parties will be deterred by the limited number of years remaining on the lease, which will affect their ability obtain a mortgage.