Drafting new residential leases and amending existing residential leases

The conveyancing and commercial team at Grant Saw are frequently instructed to create new Leases for residential properties or to amend existing residential Leases.

Why would someone need this service?

Commonly property developers may require this service, should they wish to convert their existing properties (which may be a house or undeveloped land) into flats or for new build apartments.

Leaseholders, may also benefit. For instance if they jointly own the freehold there may be advantages for amending the terms of their existing leases.

How does the process work? What are the steps?

In the case of new build properties, we would wish to arrange a convenient time and date with you in order for a member of our conveyancing or commercial team to attend a site visit. This will help us to familiarise ourselves with the interior and exterior of the property which in turn will assist us in accurately drafting the lease

If instructed to do so we can either prepare an entirely new lease for you or alternatively amend an existing lease by preparing a deed of variation. When we meet we can discuss which of these options is most appropriate to your needs.

How long does it take?

We will work towards meeting your timescale. Some clients will want a new lease to be created as soon as possible. While others may prefer to postpone this for a period of time. If your are a developer then the lease should be in place ready for when the marketing process commences.

Is it expensive?

We will charge a fixed fee for this service (subject to our Terms & Conditions). The cost will be dependent upon the number of flats involved and whether the land is mortgaged. Please telephone us for a no obligation quotation or email us at [email protected].

What are the things people should consider before calling?

For existing leases we usually ask flat owners to provide us with examples of any concerns they have in relation to the wording of the current lease or disagreements that may have occurred previously in relation to the use of the property. The purpose of this type of enquiry is to recognise particular issues of dispute which have arisen previously and to amend the lease to try to ensure that such problems are not repeated. If the flat has been altered a revised lease plan may be required to be included in the new lease.

We will also consider which provisions within the Lease remain relevant and which are now obsolete. We will recommend the inclusion of certain terms in the Lease which are based on our own expertise and which we believe will benefit you and will meet the requirements of mortgage lenders.

Why are Grant Saw the best people for the job?

When acting for property developers we are able to offer a full service. From the commencement of the purchase of land (or property) through to the creation of the lease and the subsequent sales of apartments or flats.

Where we act for leaseholders, who have already purchased the freehold and who require assistance to update or amend their leases, we will do so promptly and comprehensively at a fixed price.

Drafting new residential leases and amending existing residential leases tips

  • For new leases, it is always a good idea to decide which part of the land will be designated as a “common part” or retained land and which part will be transferred to the lessee. It will be the responsibility of the freeholder (or the freeholders managing agents) to maintain the common parts. The lessees’ responsibility will be to maintain the land transferred to them
  • Please also consider which services are to be provided by the freeholder under the lease and the percentage each individual lessee will be required to pay for the service provided

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