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Lease
An example of a lease at The Grange can be viewed here
The company purchased the revisionary interest (freehold) of The Grange which includes six apartments and immediate adjacent grounds and six car parking spaces for £10,875 plus costs believed to be £1,725 on 12 January 2009. The company is party to six leases that were granted for 999 years from 1 May 2003 at an initial ground rent of £125 a year payable in advance on 1 January. On 1 May 2028 the ground rent is due to increase in line with the increase in the Index of Retail Price Index (RPI) between 1 January 2004 to 1 January 2028 and then increase each subsequent 25 years in line with the increase in RPI. The company has not collected ground rent from the five leaseholders who are its shareholders for at least the last six years.
Following the purchase of the freehold the residents' management company named in the original lease, failed to comply with their obligations under the terms of the Lease and the Landlord (this company) complied with such in its place [Lease clause 7.4]. but only insofar as the obligations relate to the freehold area purchased by the company.
Freehold Title:
The remainder of freehold of The Estate previously owned by Badminton Homes (Blunsdon) Limited passed to The Crown (bona vacantia) when that company was dissolved in 2011. The Crown disclaimed the freehold in 2016 and the title to the land was extinguished. This area of The Estate disclaimed includes a sewage pumping station serving The Grange and 20 other properties.