500 year lease on property

[Brumel]

Hi all,
I recently inherited a commercial retail unit in a shopping and residential complex, written into the headlease it says the property lease is for 500 years. Could anybody advise what happens to the property after the 500 years?
Is it possible to change this to freehold, and what does that entail?


Thanks in advance.

 

[mf1]

I think after 500 years, the property will be long gone as will we all!!! So in one way its all kinda academic.

Yes, it is sometimes possible to purchase the freehold but it is likely here that all the units are leasehold so that covenants and conditions can be enforced.

You will need to talk to a solicitor about it who should be able to talk you through it having read your title.

mf