Residential long lease of a flat in a block of flats

by Practical Law Property

A long lease of a flat in a block of flats, where a premium is paid by the tenant. It contains prescribed clauses and assumes there is no third party to the lease. The lease is drafted on the basis that the landlord is responsible for insuring the building and repairing and maintaining all structural and external parts, as well as the common areas. The tenant is obliged to pay insurance rent and the lease contains full service charge provisions, with the tenant paying both service charge instalments on account and further amounts (if required) following the end of year reconciliation. The lease reserves a peppercorn rent, aligning with the provisions of the Leasehold Reform (Ground Rent) Act 2022, and includes key landlord and tenant covenants covering areas such as alterations, use, alienation, quiet enjoyment, and compliance with laws. It is assumed to be a headlease. The lease contains provisions for forfeiture for breach of covenant, an optional mortgagee protection clause and excludes the operation of section 62 of the Law of Property Act 1925.