Could all long leaseholders please contact us urgently for expert advice on Modern Ground Rent issues.
Please don’t think that because you’ve had a letter explaining the latest MGR developments it can be left as a kind of ‘certificate of exemption’ upon sale of the lease as, if or when you come to sell your lease, you will still face extreme difficulties because no National Trust long lease tenants have a statutory right to lease extensions once they have exerted their right to the 1967 Leasehold Reform Act’s 50 year statutory extension.
Conveyancing solicitors have now become aware of this lack of statutory right to extend and are making recommendations to their clients that what they will effectively be buying is a depreciating asset. This advice is putting off many potential buyers as we speak.
There is however a Government led review into changing the law over leasehold matters with the option of providing evidence to The Law Commission which has been tasked by the Government to review the law.
The following Law Commission link enables you to respond to its suggested options specifically published for long lease tenants:- https://www.lawcom.gov.uk/project/leasehold-enfranchisement/. The deadline for your response is the 7th January 2019.
If you have difficulties in filling in this Law Commission survey then please contact TANT’s long lease representative Mike Dennys ([email protected]) who will help you through this process.