Delighted to have saved a client a reduction of over 25% on the premium to extend the lease for the second time – having originally negotiated the extension of the lease for a predecessor in title to over 80 years back in 2007 prior to the flat undergoing significant works of improvement and remodelling.
This very meaningful discount was still achieved despite the main thrust of the argument to try and wind the state of the flat back to its same unimproved condition when the lease was first extended as the works had not in fact been completed when the extended lease took effect in June 2008. This argument in the end failed because due to a drafting error on the floor plan to the 2008 lease, a Deed of Rectification was entered into in December 2011 which had the effect of a surrender and re-grant of the lease by which time the flat had been fully improved.