I own a flat. The lease is for 114 years. All the residents in the block have now received a letter from the owners saying they are putting the building up for auction in April. Will the lease still be valid if new owners take over? What will be our position if the new owners want to demolish the flats and redevelop the site?
Your leases give you the right to live in your flats for the full length of the term no matter who takes over ownership of the building. Assuming there’s no “break clause” in your lease, the only circumstance in which you could be forced to move would probably be where the building was the subject of a compulsory purchase order. You may well have the right of first refusal to buy the freehold of the block yourselves.