Andrew in line for £500k to leave Royal Lodge but repair costs could wipe it out—The i Paper
Partner Ed Cracknell has been quoted in an article by The I Paper which comments on the lease arrangement for Royal Lodge and the likelihood of Prince Andrew being required (or compelled) to leave the property.
The article explains that Prince Andrew holds a long-term, 75-year lease on Royal Lodge, acquired for a premium and requiring significant refurbishment, but the lease contains no straightforward provision allowing early termination by the landlord (The Crown Estate) unless he commits serious unresolved breaches. The piece reports that although Andrew may be negotiating to leave and could receive a compensatory payment (often cited at around £500,000) for surrendering the lease early, repair and maintenance liabilities at the property may effectively wipe out much of that payment.
The compensatory sum reduces every year and that, depending on when the notice expires, the final sum might be between £185,865 and £371,730.
About Ed
Ed Cracknell is a partner in the property litigation team specialising in all aspects of property dispute resolution. His areas of expertise include landlord and tenant disputes, business lease renewals and terminations, possession claims and development disputes.
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