Residential long lease of a flat in a building converted for use as flats

by Practical Law Property

A long lease of a flat situated in a building that has been converted into flats. A premium is paid by the tenant. It contains prescribed clauses and assumes there is no third party to the lease. 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 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. The lease contains a simple service charge mechanism, where the tenant is charged on an ad hoc basis for their proportion of service costs, rather than through on account payments. 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. For a lease with full service charge provisions, see Standard document, Residential long lease of a flat in a block of flats.