Yes, I know what everyone thinks of leasehold, but please, advice only, if you have any. Condemnations of leasehold are not helpful when it's too late.
Person A bought a leasehold unit in a block of three that are cross-leased.
Suddenly gets a letter advising that one of the other owners hasn't being paying their lease payments and owes a whole year's worth. Letter further states that, being joint lessees, all three owners are "jointly and severally" liable for the unpaid ground rent (news to both owners). Gives them two weeks to pay up (one year's ground rent plus legal fees) or the lease will be cancelled (and they will therefore lose their properties).
The ground owners are clearly pr!cks as they have known about this issue for some time, as the missed payments were due in December and June, but chose to keep the other two liable owners ignorant until they issued their ultimatum. Can they do this? By that, I mean, insist on payment within two weeks or else? Surely, if they are going to exercise their right to make the other two owners responsible for the third owner's default, they would have to give them more time?
Person A bought a leasehold unit in a block of three that are cross-leased.
Suddenly gets a letter advising that one of the other owners hasn't being paying their lease payments and owes a whole year's worth. Letter further states that, being joint lessees, all three owners are "jointly and severally" liable for the unpaid ground rent (news to both owners). Gives them two weeks to pay up (one year's ground rent plus legal fees) or the lease will be cancelled (and they will therefore lose their properties).
The ground owners are clearly pr!cks as they have known about this issue for some time, as the missed payments were due in December and June, but chose to keep the other two liable owners ignorant until they issued their ultimatum. Can they do this? By that, I mean, insist on payment within two weeks or else? Surely, if they are going to exercise their right to make the other two owners responsible for the third owner's default, they would have to give them more time?
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