Advice to Warwick Building Residents (cores 1 to 3) regarding lease extensions
This message is intended for leaseholders in Warwick building (cores 1 to 3 : flats 1 to 166 approximately). If you are a tenant you should not be concerned but please pass this message to the leaseholder, if you are in touch with them.
Leaseholders should be aware that many leases for Warwick properties in Cores 1 to 3 were started on 1st July 2002 and will therefore hit the crucial ’80 year remaining’ mark on 1st July 2021, unless they have already been extended. (Core 4 have longer leases, and all should have well over 100 years remaining so there is no immediate issue there as far as we are aware).
If your lease falls below 80 years remaining there are a number of important consequences, particularly that the cost of lease renewal will increase very significantly, as ‘marriage value’ will be part of the formula for calculating the extension price.
If you have not done so already, it is important that you check how many years are remaining on your lease and if you think you need to extend your lease, to get in touch with L&Q as soon as possible.
The attached letter contains some detailed advice and information about your options for extending your lease, from the Residents’ Association but we must stress that you should contact L&Q if you need further advice, rather than the RA.
With Best wishes