Land Securities plc
Our client, Land Securities, owns a large shopping centre in West London which incorporates four tower blocks of residential accommodation comprising several hundred flats.
The residential accommodation is let on headleases to the local authority who in turn sub-let the flats to a mixture of secure tenants and to lessees who have acquired leases under the Right-to-Buy legislation.
Qualifying lessees are entitled to acquire a statutory lease extension of 90 years under the Leasehold Reform Housing and Urban Development Act 1993 (as amended). Cluttons advises Land Securities on the level of premium to be charged for the lease extensions and the share of the premium which is payable to the local authority as headlessee.
Expert witness service is also available when agreement on price cannot be agreed with the lessee’s valuer and the matter has to be referred to the Leasehold Valuation Tribunal or the Lands Tribunal.
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