We are selling our flat. The 6 flats in the block come under a headlease which is owned collectively by all of the owners (we form a company of which we are all shareholders). Each of our flats has a lease that comes under the headlease - make sense??
Anyway, our buyers are hesitating because they are worried that in the future if they want to extend the lease they will have to get all 6 flat owners to agree as there is a headlease. My understanding is that because the flat owners form a company, only two of the 6 (a quorum) need to agree - one to forward the motion, one to second and then they can make the application so long as everyone is given fair warning and doesn't object. I've also heard somewhere that you can apply to extend a lease without extending the head lease.
Our lawyers are worse than useless and I just wondered if anyone on here could clarify.
Essentially, the question is - can our buyers apply to extend their lease once they've moved in without needing every other person in the building involved??
We have been told if we can't clear this up by Wednesday (our lawyers have been sitting on this query for weeks ), that they will pull out. And our chain will fall apart.
AAargh!