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Lease Extension

Flats at Phyllis Court Drive, Marlow Road, Henley-on-Thames


Client

The Phyllis Court Members Club

Property

57 Self-contained flats

Project Summary

The estate comprises 57 self-contained flats arranged within 10 separate, three-storey blocks.  They are built along either side of the driveway to the Phyllis Court Club, an iconic and well-known members’ Club on the banks of the River Thames.

Strettons were first instructed in 2010 by the Club to stimulate interest among the lessees for lease extensions.  This had been further to several enquiries, but also took into account the fact that the club wish to finance a major scheme over the next 5–10 years and income from the extensions would be used to fund this in part.

Not all freeholders want to stimulate their lessees into applying for lease extensions, as the shorter the leases the higher the premium.  

However, our clients here have a specific goal in mind, and thus we wrote to the lessees advising them of the unexpired terms of their leases and their rights under legislation for an extension, but that our clients would be prepared to enter into informal discussions.  This resulted in an immediate flurry to start with, but over the 6 years we have been involved, more than 20 of the 57 flats have extended their leases and the process continues.

Strettons have not only provided initial advice as to the cost of the premiums, which have changed over the years and negotiated the premiums but have also provided advice in respect of Hearings at Tribunal and various capital valuations of the estate and surrounding lands.

In the period that Strettons have been advising the Club, premiums have increased in some cases by over 50%.

The client appreciates not only the professional service provided but the premiums which are going some way to assisting in the future project, allowing them to reduce significantly any borrowing they may need.

Geneviève Mariner

020 8509 4432
genevieve.mariner@strettons.co.uk