We helped a property developer with a particularly complex lease and its assignment in central London.
The developer owned a freehold property in Fleet Street, which unusually did not include the property’s structure. Instead, the structure was demised to a long leaseholder of the upper part of the property. There were also question marks over the extent of the freehold’s demise and limitations on its use.
The tenant wished to carry out external works and install extraction units on the outside of the building and roof. These works would have required the long leaseholder’s consent. However, for commercial reasons it was agreed that, rather than approaching the long leaseholder, the landlord would give a complex indemnity to the tenant which would reduce in value over time. To ensure this indemnity remained confidential, we had to redact the relevant provisions before registration with the Land Registry.
After completion of the lease, the tenant then needed a lease assignment and permission for further alteration works. A complex Licence to Assign and Licence to Carry Out Works was required to ensure that provisions remained confidential and the indemnity carried forward.