The main advantage of this system is that, as each owner is normally the other`s free holder, both parties can apply the other`s obligations directly under the lease, without having to refer the situation to an external lessor. This can save real time and energy for both parties. The legal status of a Tyneside apartment and the responsibilities between its owners are linked by their interdependence. The upper apartment protects the lower apartment, the lower apartment supports the upper apartment. This has resulted in specific legal provisions known as Tyneside Flat, Criss-Cross or cross-lease agreements.  Typically with a North Tyneside agreement, the basic rent is a “peppercorn rent” (i.e. nothing), leases have a duration of 999 years and there is clearly no service charge, since the respective owners each receive their share of the building. There are complications with the legal status of a Tyneside apartment and responsibilities between the owners. The upper apartment protects the lower apartment and the lower apartment supports the upper apartment. In the past, this has resulted in specific legal provisions known as Tyneside housing or cross-lease agreements. As part of the Tyneside apartment, each tenant, even if he owns the property of his own dwelling, becomes the owner of the other. This allows liability to be imposed without an external lender or a management company.
As each owner is the other`s free owner, voluntary agreements are often the most direct way to extend leases. Under voluntary agreements, each duplex owner can grant the other a 999-year extension for a zero premium (although this may result in tax effects, which is why we always advise you to seek specialized tax advice on this issue). Our highly specialized leasing extension team has renewed approximately 10,000 leases – and we regularly assist clients who own Tyneside apartments or cross-market duplexes to renew leases. A condo would simply be a property that “swims” over another property interest. Given that there are only limited opportunities to impose obligations between property rights holders, these interests can be problematic; therefore, the lease. How can you see that we are real specialists in leasing extension? Our team of tenants helps approximately 500 employees renew their leases each year. This type of agreement still represents the insurance, repair and maintenance obligations on the respective owner and occupant of each dwelling. The main difference with respect to this regulation is that there are only two legal interests in the building. The first is the condo of the building itself (z.B. 1 and 2 John Smith Road) and the second is the rental of one of the apartments (2 John Smith Road). In addition, the owners of the FFF and the GFF can, in a spirit of real cooperation, conclude their own agreements, which correspond to their circumstances, but which nevertheless meet the leasing requirements.