In the recent St Margarets Lease Survey a number of residents indicated that they would be interested in proceeding with a lease extension within the next 6 months. We have now contacted all those who took part in the survey and those who left us their details at the meeting in the Winchester Hall on the 24 July, see notes.

We recognise that a number of residents may not have been party to the survey or subsequent emails and extend the offer to proceed with the group to anyone who is interested. If you are interested in proceeding with your lease extension negotiations NOW please contact Maddie at maddie.menzies@btopenworld.com by 23 October.

See the attached document for details of the group process.

Since the survey, the Central Group (of volunteers) has been investigating the best way forward and has come up with the following proposal. Full details are set out in the attached word document but please note the following points.

• The Central Group will coordinate the engagement of the leading surveyor/ solicitor team by a large group of residents.
• The surveyor/ solicitor will act separately for each individual resident but, subject to certain conditions being satisfied, each resident will be charged a discounted group rate for the surveyor’s/ solicitor’s services.
• The discounted group rates (set out in the attachment) are available because of the similarity of Moormead residents’ situations and the coordination offered by the Central Group.
• Central Group research indicates that Owen Grainger (www.grainger.co.uk) is the best surveyor to use for lease extensions on the Moormead Estate. Owen has an excellent record in negotiating lease extensions with Northumberland & Durham.
• For the reasons set out in the attachment, lease extension is likely to make more sense than buying the freehold for Moormead residents.
• The process is likely to take approximately 6 months. Lease extensions are likely to cost between 15 and 20 thousand pounds, excluding costs.