Most people are familiar with what leasehold is and what it entails; however there is a handful of people who don’t. This is why we have created a page on everything to do with leaseholds and how you can extend your existing one. Click here for information on property value.
What is exclusive possession?
The grantee must be given exclusive possession of the premises. It is for this reason that a mere lodging agreement is not a lease the control maintained by the householder is such that a lodger does not obtain exclusive possession of the room which he occupies, and he is a mere licensee.
On the other hand the fact that a grantee is given exclusive possession of the premises is not conclusive that the transaction is a lease, although it is strong evidence to that effect the grantee will be a licensee, and not a lessee, if the circumstances negative any intention to create the relationship of landlord and tenant. Find out more information.
For example if a father gives exclusive possession to his son and the son’s wife of a house which the father has purchased for them with the aid of a building society loan, telling them that the house will be theirs if they pay off the loan. See how we can help.
How long does a lease last for?
The commencement date and the duration of the term must be fixed or determinable. The duration of a periodical tenancy, such as a weekly or yearly tenancy, is regarded as determinable by reason of the fact that the term can be brought to an end by the giving by one party to the other of the requisite notice to quit.
The Leasehold Reform Act entitles people that have a leasehold property to extend their leasehold or acquire the freehold. If you’re looking to do this on the property you are currently leasing, we suggest contacting a surveyor’s agency, such as Foundation Surveyors in London.
They will have the expertise to represent you in a transaction that involves leaseholds. They will make sure you understand what’s going on by providing full detailed reports and information that keeps you up to date. You will gain full knowledge of your rights under the law. Call 020 8133 9517 now.