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In the context of residential flat schemes, a concurrent lease is a lease of the reversion that is granted by a developer to a management company after it has granted the leases of the flats. Therefore, it is an intermediate lease which ‘sits’ between the developer and the flat tenants.
This form of lease is sometimes also called an ‘overriding lease’, but this runs the risk of confusion with the form of lease to which a former tenant or guarantor is entitled under the Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995), s 19, so the term ‘concurrent lease’ is preferred.
By granting a concurrent lease to a management company, the developer can:
secure a regular income from the flats (in addition to the premiums paid by the flat tenants on the grant of the flat leases)
transfer to the management company primary responsibility for performance of the landlord obligations under the flat leases in relation to management, insurance, repairs and the provision of other services in respect of the entire building or estate
The result of a concurrent lease is that the management company becomes the tenant of the developer under the concurrent lease and also becomes the landlord of the flat tenants under the flat leases. Consequently, where the concurrent lease is a ‘new
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