extension of leasehold

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I own the leasehold of my flat in a Victorian house which was divided into flats in the 1980s. A 99 year lease was set up, which is clearly running down. We, the leaseholders now also own the freehold through the ownership of the management company which was made over to us some years ago. Now one of the other leaseholders/shareholders wants to renew the leases to give them a longer term, as he thinks a shorter lease creates problems for mortgage lenders. Does anyone know whether it is a good idea to extend the lease, or to move to a common-hold arrangement, or whether we should just sit on it, as in the end a freehold may be worth more? We're looking at another 70 years to run, so I'm not in a hurry, but we're under pressure by this one shareholder to do something ( it looks as though the legal fees will be at least 2,000) There are only four flats so four shareholders to carry this cost.
10/11/2013 20:28

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