Posted on 12th April, 2021
Sinclair Garden Investments – Lease Extensions
If your freeholder is Sinclair Garden Investments (Kensington) Ltd or your managing agent is Hurst Managements and you are considering a lease extension you need to proceed very carefully and be very wary of their informal lease extension offers.
Currently when SGIK Ltd are approached for a voluntary flat lease extension they are writing to the leaseholder with instructions for the leaseholder to complete and return a pre-filled Section 42 Notice to claim a statutory lease extension. This may seem helpful but is actually simply duping leaseholders into serving a formal legal notice which includes unfavourable terms including potentially a high premium (the sum paid for the lease extension) and a schedule of additional lease clauses which the freeholder wants added to the new lease which are not beneficial to the leaseholder.
Once this Section 42 notice is signed and served a leaseholder has legally commenced a statutory lease extension on terms proposed by the freeholder! The leaseholder is then faced with either the option of completing a lease extension on unfavourable terms or of withdrawing and having to bear the freeholders abortive costs and being legally barred from proceeding with a further lease extension for a period of one year from the date of withdrawal.
It is important that any leaseholder serving a Section 42 Notice for a formal lease extension takes advice from a specialist lease extension valuation surveyor upon the price to be offered in the notice and has their own specialist legal advisor prepare the formal Section 42 notice.
We are specialist valuers of residential lease extensions and have dealt with many cases against Sinclair Garden Investments (Kensington) Ltd in the past and are able to assist leaseholders with properties in most geographic locations.
If Sinclair Garden Investments are your freeholder, please call us or email us so we can discuss how we can help you achieve your lease extension on fair terms.