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Leaseholds Procedure Notes

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This is an extract of our Leaseholds Procedure document, which we sell as part of our Property Law and Practice Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.

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GRANT & ASSIGNMENT OF LEASEHOLDS
Grant:
creation of brand new estate in the land

Assignment:
transfer of the remainder of the term of an existing leasehold estate in the land
Pre-Contract
 Draft lease instead of Contract
 Use existing lease
 Go straight to completion once draft lease
 Seller cannot vary terms of lease/sublease has been agreed
 Need landlord to agree to variation of the existing lease
 If L agrees to variation, changes need to be effected by deed of variation
 T will have to pay for changes
Searches & Enquiries:
Searches & Enquiries:
 Investigation of title [Official Copies]
 Investigation of title [Official Copies]
o L's freehold title

L's freehold title

Superior leasehold title (if

Superior leasehold title applicable)
 Sellers Leasehold Information Form (SLIF)
 Sellers Leasehold Information Form (SLIF)
or Commercial Leasehold Enquiries or Commercial Leasehold Enquiries
 Key questions:
 Key questions:
o Compliance with covenants?
o Compliance with covenants?
o Relationship with L?
o Relationship with L?
o Is L's consent required for

Is L's consent required for assignment?
assignment?
Engross lease and counterpart
L executes lease, T executes counterpart
 There is no TR1
 Transfer deed (TR1 or deed of assignment)
 Pre-completion searches (also check
 Pre-completion searches (also check freehold/superior title):
freehold/superior title):
o OS1

OS1

Company search

Company search

1. Does L have capacity to grant lease?

1. Does L have capacity to grant lease?

2. Any burdens on title that might bind T?

2. Any burdens on title that might bind T?

3. Any mortgage of freehold?

3. Any mortgage of freehold?
 If L's title not deduced pre-exchange;
 If L's title not deduced pre-exchange;
completion will be delayed until the Title completion will be delayed until the Title docs produced (SCPC 11.2.4)
docs produced (SCPC 11.2.4)
Completion
Documents from Landlord:
Documents from Seller:
 Lease executed by L
 Lease/sublease
 Certified copy of consent from L's lender to  Transfer deed (TR1 or deed of assignment)
grant of the lease
 Licence to assign executed by L
 Evidence of discharge of seller's mortgage
 Copies of duplicate noticed served by the seller and predecessors on L according to lease covenant requiring L to be notified of any dispositions
Documents from Tenant:
Documents from Tenant:

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