Extension of Lease to 999 Years
The Estate is offering to Leaseholders, by way of a Deed of Variation, a longer term of Lease as an inducement to sign up to a covenant giving the Estate consent to switch off certain of the communal services at some time in the future. This offer is made SUBJECT TO CONTRACT.
The principal terms are: -
* The new term will be for 999 years from the 25th December 2003.
* The new ground rent will be reduced to a ‘peppercorn’.
* The following words will be added to the end of Clause 12 of the Sixth Schedule of your Lease “…PROVIDED FURTHER THAT the Lessor shall have absolute power upon giving no less than twelve months written notice to the Lessee to discontinue any of these services.”
Clause 12, as referred to above, states “The Lessor will maintain where such already exists all boilers hot water pipes cold water tanks central heating and other apparatus ancillary to any of those services PROVIDED THAT the Lessor will not be responsible for such equipment as services the demised premises alone.”
Your Board is concerned that the Estate, at some time in the FUTURE, will need to cease the supply of hot water and central heating. This arises from the very high cost of maintaining the supply, and the age and condition of the systems. The Board believes that, in such eventuality, the solution would be for each Leaseholder to install their own system for hot water and central heating at that time.
Leaseholders will be required to pay 50% of the Estates legal costs for the Deed.
Leaseholders will be responsible for their own legal costs.
If you are interested please contact our solicitor, Tamara Lester, of: -
Messrs Manuel Swaden
340 West End Lane,
Telephone number: 020 7431 4999