The following Property Q&A produced in partnership with David Nicholls of Landmark Chambers provides comprehensive and up to date legal information covering:
Where a lease is extended under the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993), there is no need for a deed of substituted security to be executed in order to protect or continue a lender’s security over the extended lease.
When the parties to a lease agree to increase the length of the term granted, this variation is treated in law as taking effect as a surrender of the lease and a grant of a new lease. This is the case even where the parties enter into a formal deed of variation.
Under the general law, one consequence of a lease being surrendered and re-granted is that the existing leasehold title is closed at HM Land Registry and a new leasehold title is opened. Another consequence is that any security over the original lease is lost. For this reason, a lender will require the borrower to obtain its consent before surrendering the lease. A lender will also require the borrower to enter into a deed of substituted security before the lender
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