This structure is often useful in enabling freehold owners of mixed-use premises to freely dispose of the commercial parts. It is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. Marriage value is essentially the increase in the aggregate value of the interests in the property arising from the fact that, on acquisition of the freehold, the participating lessees are free to grant themselves new leases without any restriction as to the length of term. If you do choose to continue, you must follow the procedure and timetable set by the Act to grant the lease to a representative of the residential tenants, for example, an incorporated company.

Our specialist Chartered Surveyors have a deep knowledge and extensive experience of the valuation procedures and applicable legislation. Under Part I of the LTA 1987 certain residential tenants have a statutory right of first refusal in relation to various disposals by their immediate landlord of whole or part of their building. The initial survey had to be postponed last minute due to a potential collapse in the chain, but that was no problem.Updated daily, vLex brings together legal information from over 750 publishing partners, providing access to over 2,500 legal and news sources from the world’s leading publishers. e. those with long leases) a right of first refusal where their landlord proposes to dispose of all or part of its premises. In the best-case, the grant of the commercial lease will just have to wait for the notices to expire. The implications of the LTA 1987 can be more difficult to interpret where a development is in its very early stages. If this is the case, then the right of first refusal would be triggered by any disposal of that part of the building by the freeholder.

Therefore, especially in buildings where the percentages are close, it is important to consider very carefully what is and what is not deemed to be common parts. When my link person was on leave another colleague happily took over and ensured our report was sent quickly. Keeping the property in good condition and fit for human habitation; this includes maintaining the structure and exterior, the installations for water, gas, electricity, heating, and sanitation, and ensuring it is free from serious hazards. The 1987 Act applies to premises which are the whole, or part, of a building which contains two or more flats held by qualifying tenants and more than half of the flats in the premises are held by qualifying tenants.

I have used the services of Peter Barry Surveyors to help me with a party wall matter, whereby my neighbour planning to do works to his property tried to bypass the correct and required procedure in these matters. In addition, we would like to set optional cookies to help us to improve your experience, analyse traffic and allow you to connect with social media. A list of members is open to inspection at the registered office, Arbor, 255 Blackfriars Rd, SE1 9AX. Generally, lessees will be eligible to participate if the original term off their lease was for 21 or more years.

My surveyor, Shaun, was knowledgeable, thorough and provided clear and concise reports detailing their findings and recommendations.

Where possible, it is obviously best to avoid the uncertainty by considering the LTA 1987 at the very beginning and structuring the purchase accordingly with future disposal in mind, for example by putting a headlease in place or by holding the property in an SPV.