Purpose

The Council is the freehold owner of a block
of flats at Kingston Avenue. Flat 26 was originally sold 14 March
1983 under the provisions of the Right to Buy for a term of 125
years from 14 March 1983 at a ground rent of £10. The current
lessee wishes to extend the term of the lease to make it more
saleable on the open market. The lessee has exercised their
statutory rights under Leasehold Reform Housing and Urban
Development Act 1993 to require the grant of longer lease. Under
the legislation, the Council as the competent landlord, is required
to grant a new lease to the owner of the flat for an additional
term of 90 years on top of the unexpired term of the lease, and on
the same terms as the existing lease, save that the annual ground
rent will be a peppercorn if demanded. The consideration for a new
lease is governed by the legislation and determined by valuers. The
lessee will be required to pay all of the Council’s legal and
surveyors costs

Content

To enable the lessee to sell on the open
market.

Alternative options considered

Option 1 - none
Option 2 - none
Option 3 - none