Having practised property law for decades, Meaby&Co. is expertly placed to help tenants extend their leases or acquire the freehold of their building by non-statutory means.
This is often the most straight forward way for lease extensions or freehold acquisition. There are no particular qualifying criteria or unusual procedures, as the tenants are not exercising their statutory rights. All that is necessary is for the tenant(s) to approach the freeholder (or vice versa) to negotiate. Please note that some landlords will require you serve a statutory notice.
Depending on the circumstances, the landlord might need to follow the section 5 right of first refusal formalities before selling the freehold by agreement (please see Right of First Refusal).
The key point here is that the lease extension or acquisition proceeds by agreement. You must always bear in mind that neither party is under an obligation to proceed. All the terms are up for negotiation and it will come as no surprise that often the main topic on the table is the price.
Once the parties agree to proceed, you are best advised to obtain a professional valuation from a specialist surveyor. Once you have the valuation, the parties can begin negotiations over the price and any other terms of the transaction.