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Residential Lease Extension Generator for England and Wales

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Key Requirements PROMPT example:

Residential Lease Extension

"I need a Residential Lease Extension for a flat in London with 65 years remaining on the lease, where we've agreed to extend by 90 years and reduce the ground rent to zero, with completion planned for March 2025."

Document background
A Residential Lease Extension is utilized when a leaseholder wishes to extend their existing lease term under the statutory framework provided by English and Welsh law. This document is crucial for maintaining property value and marketability, particularly when lease terms fall below 80 years. The extension process is governed by the Leasehold Reform, Housing and Urban Development Act 1993, which provides qualifying tenants with the right to extend their lease by 90 years in addition to the unexpired term, while reducing ground rent to a peppercorn. The document must include specific statutory provisions and comply with Land Registry requirements.
Suggested Sections

1. Parties: Details of landlord and tenant including their registered addresses and company details if applicable

2. Background: Original lease details, current term remaining, and context for the extension

3. Definitions: Key terms used throughout the document including Property, Term, Premium, and Original Lease

4. Term Extension: Specific details of the extension period, new termination date, and commencement provisions

5. Premium: Amount payable for the extension, payment terms and completion requirements

6. Covenants: Confirmation of continuing obligations from original lease and any modifications

7. Execution: Signature blocks, witnessing requirements and execution formalities

Optional Sections

1. Ground Rent Provisions: Modified ground rent terms and calculations where original lease includes ground rent

2. Service Charge Modifications: Updates to service charge arrangements and calculations where terms need modernizing

3. Management Company Provisions: Rights and obligations of management company where property is managed by third party

Suggested Schedules

1. Schedule 1: Original Lease: Copy or detailed particulars of the existing lease

2. Schedule 2: Property Description: Detailed description of the property including plans and boundaries

3. Schedule 3: Premium Calculation: Detailed breakdown of how the extension premium has been calculated

4. Schedule 4: Rights and Reservations: Comprehensive list of rights granted and reserved under the extended lease

5. Appendix A: Land Registry Plans: Official plans showing the property boundaries and relevant rights of way

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























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Industries

Leasehold Reform, Housing and Urban Development Act 1993: Primary legislation governing statutory lease extensions, including qualifying criteria, 90-year extension period, and premium calculation requirements

Landlord and Tenant Act 1985: Defines fundamental landlord and tenant obligations, including service charges, maintenance responsibilities, and consultation requirements

Landlord and Tenant (Covenants) Act 1995: Regulates the enforcement of covenants and covers assignment and succession rights in leasehold properties

Commonhold and Leasehold Reform Act 2002: Modifies aspects of the 1993 Act and introduces additional leaseholder rights and protections

Housing Act 1988: Supporting legislation affecting residential tenancies and property management

Law of Property Act 1925: Fundamental property law legislation affecting legal estates and interests in land

Land Registration Act 2002: Governs the registration of land and property interests with the Land Registry

RICS Guidelines: Professional standards and guidelines for valuation of lease extensions and property interests

Land Registry Requirements: Specific requirements for registration of lease extensions and associated documentation

Prescribed Notices and Forms: Statutory forms and notices required for the lease extension process

Deed Execution Requirements: Legal requirements for proper execution and authentication of lease extension deeds

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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