National Audit Office Report: The Crown Estate - Property Leases with the Royal Family

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THE CROWN ESTATE – PROPERTY LEASES WITH THE ROYAL FAMILY

Introduction

Ian Davidson MP spoke to the Comptroller and Auditor General about the letting of Royal Lodge

– the former home of Her Majesty Queen Elizabeth the Queen Mother - to HRH the Duke of

York.

The Rt Hon Alan Williams MP wrote to the Comptroller and Auditor General on 19 January

2005, asking him in particular:

• the number of living rooms and bedrooms contained in the Royal Lodge

accommodation leased to HRH the Duke of York;

• the extent of the accommodation forming the property leased to HRH the Earl of

Wessex;

• whether those two members of the Royal Family are eligible for grants under the

Common Agricultural Policy;

• whether there are further lease agreements between The Crown Estate and the

wider Royal Family; and

• to provide information on the value for money of these arrangements.

This paper summarises the Royal Lodge lease arrangements and presents information that has

been obtained from The Crown Estate in respect of the other questions raised. Except where

specified below, all the information in the paper is publicly available under the Freedom of

Information Act.

Background to the The Crown Estate as a body

The power to make decisions relating to Crown Estate properties is vested in The Crown Estate

Commissioners, who are appointed by Her Majesty The Queen, on the advice of the Prime

Minister. The appointment and reappointment of Commissioners is undertaken in accordance

with the ‘Nolan’ rules for public appointments. The current members of the Board of

Commissioners are:

Ian Grant (Chairman and First Commissioner)

Roger Bright (Chief Executive and Second Commissioner)

Sir Donald Curry

Hugh Duberly

Jenefer Greenwood

Martin Moore

Dinah Nichols

Ronald Spinney

The Crown Estate Act 1961 states that, except for specific provisions, the Commissioners “shall

not sell, lease or otherwise dispose of any land of The Crown Estate, or any right or privilege over

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or in relation to any such land, except for the best consideration in money or money’s worth

which in their opinion can reasonably be obtained”.

There is also an overriding duty in the statute to maintain the character of Windsor Great Park (as

designated) as a Royal Park and forest.

The Second Commissioner, as Accounting Officer, has responsibility for assessing the value for

money aspects of these transactions and, more generally, for propriety and regularity in The

Crown Estate’s finances.

At the time of the relevant transactions, The Crown Estate had an internal Investment Appraisal

Committee which was charged with reviewing and authorising significant capital transactions.

Roger Bright, the Second Commissioner, Chief Executive and Accounting Officer, was Chairman

of that Committee. The functions of that Committee have continued more recently through a

newly established Investment Strategy Group and a Stock Selection Committee.

What we have done

We started a review after Ian Davidson MP requested information on the lease arrangement with

HRH the Duke of York. We have discussed the Royal Lodge lease with Roger Bright and staff

members of The Crown Estate and we have reviewed the lease agreement and related papers to

ascertain the financial arrangements. We have responded to the further questions from the Rt

Hon Alan Williams MP in the same way. The Crown Estate has co-operated with our enquiries

and has supplied papers relating to the questions raised. The Royal Household has obtained the

agreement of the Royal Family members who are tenants of The Crown Estate to the information

disclosed herein.

Our findings

On Royal Lodge

Royal Lodge occupies 40 hectares within the heart of Windsor Great Park. Under The Crown

Estate Act, Windsor Great Park is to be maintained as a Royal Park within a designated area.

Royal Lodge falls within that designated area and includes within its boundary, although not part

of the leased property itself, the private Royal Chapel. The Crown Estate Act states that “the

Commissioners shall not sell or give in exchange any land forming part of the Windsor Estate”,

except for a very specific provision relating to public or local authorities requiring land for

development in the public interest. The properties within the Park may, however, be leased.

After the death of Her Majesty Queen Elizabeth the Queen Mother, HRH the Duke of York

approached The Crown Estate to express an interest in acquiring the leasehold of the property.

The Crown Estate has stressed to us that one of the options for the property was that it could have

continued to be a “grace and favour” residence for the Royal Family but this option was declined

by the Royal Family in favour of a commercial arrangement, providing income to The Crown

Estate. If such an option had been chosen, not only would there have been a loss of income to The

Crown Estate but The Crown Estate could have been required to undertake significant

refurbishment.

The Crown Estate could have offered up the lease option to the wider market but did not, because

of the sensitive location of the property in the centre of the Windsor Great Park with its

consequential management considerations, and because of security concerns surrounding the

Royal Family’s access to the Royal Chapel. It was The Crown Estate’s view that in the absence

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of the “grace and favour” option being followed it remained appropriate that the property should

remain in Royal Family occupancy.

The terms of the August 2003 lease agreement between The Crown Estate and HRH the Duke of

York prevent him from gaining financially from any increase in the value of the property, as the

freehold rests with The Crown Estate and the leasehold cannot be assigned to anyone else except

to his widow or his two daughters (or a trust established solely for their benefit). As part of the

lease agreement, HRH the Duke of York is required to undertake substantial refurbishment work

which must be completed within the first two years. The work to be undertaken by HRH the

Duke of York is outlined in a schedule to the lease agreement and it gives an estimated cost of

that work as being £7.5 million at September 2002 prices, exclusive of VAT. The Crown Estate

has told us that it estimates that the agreed programme of work is now 95 per cent complete.

Should HRH the Duke of York wish to terminate the lease, the property would then revert to The

Crown Estate. The Crown Estate may then be required to pay him compensation in respect of the

refurbishment costs incurred. The maximum compensation of just under £7 million is subject to

annual reductions over the first 25 years of the term of the lease, so that at the end of that period,

there is nil compensation payable.

After a process of negotiation, HRH the Duke of York secured the 75-year lease for a one-off

premium payment of £1 million to The Crown Estate, as landlord. In coming to the arrangement

with HRH the Duke of York, The Crown Estate appointed an agent to review the options

available in respect of Royal Lodge; to provide a valuation of the property; and to advise on the

expected annual rental value after completion of the estimated refurbishment. The Crown Estate

estimated that the necessary refurbishment of the property would cost at least £5 million. The

agents advised that HRH the Duke of York should pay a premium of £1 million and could be

given the option to buy out the annual rental for an additional £2.5 million payment. Once HRH

the Duke of York made his commitment to spend £7.5 million on refurbishment, the final

settlement was reduced, on the basis of professional advice, to the £1 million premium. We have

been told by The Crown Estate that the full costs of refurbishment have exceeded the £7.5 million

commitment.

The £1 million premium payment was determined by The Crown Estate’s agents using an

assumption of £5 million refurbishment costs; a 5 per cent return for The Crown Estate; and a

minimum notional rental sum of £260,000, as agreed in December 2002 by agents acting on

behalf of both HRH the Duke of York and The Crown Estate.

The Crown Estate’s internal Investment Appraisal Committee considered the terms for letting

Royal Lodge. The Committee approved the lease deal in principle, based on an outline proposal,

and then approved the lease arrangement in March 2003. The Main Board of The Crown Estate

was kept informed about the emerging lease agreement throughout the process.

Owing to the nature of this transaction, and the importance of being secure in their judgement,

The Crown Estate appointed a second independent agent to assess the details of the lease deal.

This second agent concluded that the transaction was appropriate given the over-riding need to

maintain close management control over Royal Lodge and also indicated that the security

considerations had a very significant impact on The Crown Estate’s ability to realise the market

rental value for a property of its size and type.

The Accounting Officer and the other Commissioners, having taken independent advice, judged

this transaction to have satisfied The Crown Estate’s need to ensure propriety and value for

money, taking into account the other, non-financial, considerations relating to the lease of this

property.

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The Annex to this document sets out information on the Royal Lodge lease agreement.

The Royal Household has not provided information on the number of rooms in the property

occupied by HRH the Duke of York, as it claims that it is “personal information” under Section

40 of Part 2 of the Freedom of Information Act, 2000.

On Mansion House, Bagshot Park

The property leased to HRH the Earl of Wessex since March 1998 is the Mansion House at

Bagshot Park, including a block of stables and Sunningdale Lodge.

Bagshot Park occupies 21 hectares within the designated area of Windsor Great Park. The

property was previously leased to the Ministry of Defence (MoD) where it was used to house the

Army Chaplains Department. Prior to that, the property had been in ”grace and favour”

occupation. In 1996, the MoD handed back the property to The Crown Estate. The Crown Estate

received a payment of £1.8 million in respect of dilapidations accrued during the Army

Chaplains’ occupancy.

Because Bagshot Park is sited within the designated area of Windsor Great Park it is subject to

the same restrictions as Royal Lodge in that The Crown Estate Act prohibits the sale of freeholds

and requires that the character of the property be maintained as a Royal Park and forest. The

Crown Estate appointed agents to assess the options available in respect of this property. The

agents proposed a range of options including residential use, use by an educational institution and

commercial use. The Crown Estate’s preference, and that of the local planning authority, was for

residential use given the Commissioners’ duty to maintain the character of the Royal Park, the

listed nature of the main house, and the added “historic provenance” from restoring Royal Family

occupation.

The Crown Estate has stressed to us that, as with Royal Lodge, one of the options for the property

was that it could revert to “grace and favour” status but this option was declined by the Royal

Family in favour of a commercial arrangement, providing income to The Crown Estate.

The Crown Estate’s agents estimated a potential long leasehold value for residential use of

between £2.5 million and £8 million. The range of values reflected a variety of potential uses,

and at the higher end, would also have included additional land. Substantial financial investment

would, however, have been required to bring the property up to standard regardless of the

decision on its future use.

Based on The Crown Estate’s experience with this type of specialist residential property, a

discreet marketing campaign focused on selected potential tenants was undertaken. The Crown

Estate tells us that it received only two exploratory offers, one for the establishment of a

conference centre and the other a proposal for hotel use. The Crown Estate rejected both on the

grounds that the former did not meet the statutory obligation to maintain the character of a Royal

Park and that the latter would have involved additional land occupied by others and potentially

more complex planning considerations. Neither option met The Crown Estate’s preference of

residential use. At this time, HRH the Earl of Wessex expressed an interest in the property and

The Crown Estate entered into discussions with him.

Section 40 of the Freedom of Information Act concerns personal data within the meaning of the Data

Protection Act 1998. It applies to two distinct types of requests for information: if a request asks for the

personal data of the applicant himself, the information is exempt; and if a request asks for the personal data

of someone else then that information is exempt if its disclosure would contravene any of the data

protection principles in the Data Protection Act 1998 (or certain other provisions of the Data Protection Act

1998). Source : Department of Constitutional Affairs.

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After detailed negotiations, The Crown Estate let the property to HRH the Earl of Wessex for a

period of 50 years with an initial annual rental of £5,000 prior to the refurbishment works being

completed and £90,000 per year thereafter. The rent is subject to review every 15 years. The

agreed annual rent for the property is consistent with the estimate provided by The Crown

Estate’s independent advisors in respect of residential use and the land area included in the lease

agreement.

As part of the lease agreement, HRH the Earl of Wessex was required to complete substantial

refurbishment works within the first two years with an estimated total value of £2.18 million, of

which The Crown Estate would contribute £1.6 million (having received £1.8 million from the

MoD in respect of dilapidations). We have been told by The Crown Estate that the full costs of

rectification exceeded the estimate and that The Crown Estate has contributed £1.6 million

towards a total cost of £2.98 million.

The lease agreement permits subletting of the stable block. The lease may be re-assigned to

another party following the first eight years after completion of the rectification works but not for

the last three years of the lease.

The Annex to this document sets out information on the Bagshot Park lease agreement.

The Royal Household has not provided information on the number of rooms in the property

occupied by HRH the Earl of Wessex, as it claims that it is “personal information” under Section

40 of Part 2 of the Freedom of Information Act, 2000.

On grants under the Common Agricultural Policy

Neither of the two leases (for Royal Lodge or Bagshot Park) includes commercial farmland or

woodland as part of the property leased by HRH the Duke of York or HRH the Earl of Wessex.

Consequently no EU agricultural grants have been provided in respect of these properties.

The Crown Estate has told us that it has five lease agreements with the Keeper of the Privy Purse,

acting on behalf of Her Majesty the Queen in respect of the Royal Farms – these incorporate land

at Windsor, Sunninghill and Bagshot (where there are two farms but not on the Bagshot estate

that is leased to HRH the Earl of Wessex) and in respect of the Royal Farms Shop in Windsor.

The income from Royal Farms is managed by the Privy Purse Office. The Rural Payments

Agency has recently made available a CD-Rom entitled “Access to Information – CAP

Payments” which includes details of the CAP payments it has made to the Royal Farms in

financial years 2002-03 and 2003-04.

On other leases between The Crown Estate and members of the Royal Family

The Crown Estate has identified two other properties for which it has lease agreements with

members of the Royal Family. HRH Princess Alexandra has a 150-year lease for Thatched

House Lodge in Richmond Park; and her daughter Marina Ogilvy has a short-term tenancy

agreement for a cottage in Windsor Great Park.

Thatched House Lodge ceased to be a “grace and favour” property in 1927. The accommodation

is set in 1.6 hectares of land and consists of the main house, a summerhouse, a gardener’s cottage,

stabling and other buildings.

HRH Princess Alexandra and her family have been residents since her marriage in 1963, under a

series of letting arrangements, the property having been first privately acquired by the late Mr

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Angus Ogilvy. The current 150-year lease agreement was granted by The Crown Estate to run

from 1994. Under the agreement, a premium of £670,000 was payable, along with an annual rent

of £1,000 for the first 25 years, rising by increments every 25 years to £6,000 for the last 25

years. The Crown Estate appointed agents to apply the valuation methods prescribed by the

Leasehold Reform legislation of 1993. The same agents negotiated the lease terms with the

tenants’ own professional advisors.

The lease agreement contains a requirement on the leaseholder to put the property “in good and

substantial repair” and to maintain it as such, to preserve the character of the property. The lease

may be re-assigned with the approval of The Crown Estate as landlord.

The Cottage property in Windsor Great Park is rented to Ms Marina Ogilvy on an assured short-

held tenancy, with a renewable term. The rent is assessed by The Crown Estate as being the

market value. Such properties are let by The Crown Estate on the open market and they tell us

that there are no special terms or conditions, other than the restrictions that come with being part

of the Windsor Great Park estate.

The Annex to this document sets out information on the residential lease agreements for these

leased properties.

On the value for money of these lease arrangements

The Crown Estate Act requires The Crown Estate Commissioners to secure “the best

consideration in money or money’s worth which in their opinion can reasonably be obtained”.

The wording reflects that there may be factors which the Commissioners believe reasonably

prevent them from obtaining the very best financial consideration and that the consideration need

not be strictly in the form of cash payments to The Crown Estate. This statutory duty is also

subject to the special requirements in respect of the designated area of Windsor Great Park.

The Thatched House Lodge had been a “grace and favour” property until 1927. At the discretion

of Her Majesty the Queen, the residential properties at Royal Lodge and Bagshot Park could have

been used to provide “grace and favour” accommodation for members of the Royal Family. In

that event, The Crown Estate would not be collecting any rental income for those properties. The

Royal Family’s decisions to enter into commercial lease arrangements have therefore yielded

income for The Crown Estate which it does not have by automatic entitlement. The Crown Estate

surrenders its annual surpluses to the Consolidated Fund, so its net income is applied for the

benefit of the public purse.

The terms of the lease agreements for Royal Lodge and Bagshot Park include financial

investment on the part of members of the Royal Family in the form of refurbishment and

rectification works. These works do not provide The Crown Estate with income but they do

provide “money’s worth” by adding monetary value to those properties, the freehold of which

remains in the ownership of The Crown Estate.

In addressing the value for money question, the Crown Estate had to take account of the

refurbishment and rectification works and the consideration of the cost of those works in

determining the rent income for The Crown Estate. The Crown Estate has told us that, in the

cases of Royal Lodge and Bagshot Park, the costs to the Royal Family members of the necessary

works have exceeded the original estimates that underpinned the lease terms, providing more

“money’s worth” than The Crown Estate had originally anticipated.

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Summary

We found that :

• The Crown Estate has not sold any of the properties that fall within the scope of this

examination – in all four cases, the sale of the freehold is not permitted;

• in total, The Crown Estate has identified four residential lease agreements with members

of the Royal Family;

• The Crown Estate has guidance covering investment appraisal decisions and we found

that its procedures in letting Crown properties to members of the Royal Family were

consistent with the procedures for delegated authorities in that guidance;

• The Crown Estate does not have any special procedures when negotiating agreements

with the Royal Family;

• The Crown Estate adopts a discreet and targeted approach to letting unusual, high value,

residential properties, given the security considerations for potential occupiers; the

substantial costs of restoring listed properties; maintaining the “historic provenance” of

the properties; and the limited number of people who could afford to take out leases on

properties of this type;

• The Crown Estate has a preference to see listed residential properties restored for the use

to which they were intended;

• The Crown Estate consults local planning authorities on the use and value of the listed

properties it manages;

• The Crown Estate has both statutory obligations and business objectives for managing

Crown properties that include, but are not restricted to, consideration of obtaining best

value;

• there is an over-riding statutory duty upon The Crown Estate to maintain the designated

area of Windsor Great Park as a Royal Park and forest;

• the details of the four property lease agreements with members of the Royal Family were

negotiated by The Crown Estate on a case-by-case basis;

• The Crown Estate appointed specialist agents in each case to advise on the values and

terms it should use in negotiating lease agreements with the members of the Royal

Family;

• in the cases of Royal Lodge and Bagshot Park, the Royal Family declined to use the

Sovereign’s right of “grace and favour” use of the properties in favour of reaching

agreements that provide income to The Crown Estate;

• in the case of Royal Lodge, an independent evaluation concluded that the transaction with

HRH the Duke of York was appropriate and the over-riding need to maintain close

management control over the property and the Royal Chapel had clearly constrained The

Crown Estate’s ability to realise the highest market value for such a property;

• in all the other cases we have reviewed, The Crown Estate and their agents believe that

the best financial consideration was obtained from the negotiated lease agreements,

consistent with the circumstances and its wider obligations;

• the two principal lease agreements, with HRH the Duke of York and with HRH the Earl

of Wessex, required the Royal occupants to carry out refurbishment and rectification

works, the estimated costs of which were included in the negotiation and the

determination of premium payments and annual rents;

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• The Crown Estate tells us that in those two cases, the total cost of the works exceeded the

estimates used in negotiating the premium payments and annual rents, thus increasing the

“money’s worth” obtained from the lease agreements; and

• The Crown Estate has also identified five lease agreements with the Keeper of the Privy

Purse, acting on behalf of Her Majesty the Queen in respect of the Royal Farms.

The Royal Household has not provided information on the number of rooms in the properties

occupied by HRH the Duke of York and HRH the Earl of Wessex, as it claims that it is “personal

information” under Section 40 of Part 2 of the Freedom of Information Act, 2000.

We found no evidence that HRH the Duke of York or HRH the Earl of Wessex would themselves

benefit from Common Agricultural Policy grants, as their lease agreements do not include the

adjoining farmland or woodland.

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Residential lease agreements between The Crown Estate and members of the Royal Family Annex

Royal Lodge Bagshot Park Thatched House Lodge Cottage in Windsor

Great Park

BACKGROUND

Royal Family

member(s)

HRH The Duke of York HRH The Earl of Wessex HRH Princess

Alexandra and the late

Sir Angus Ogilvy

Ms Marina Ogilvy

The leased property

comprises

Grade II listed house set

within 40 hectares of

grounds together with a

Gardener's Cottage,

Chapel Lodge, 6 Lodge

Cottages, and Police

security accommodation

Grade II listed Victorian

House set in 21 hectares

of grounds together with

stable block, Sunningdale

Lodge, garages and other

outbuildings

Grade II listed Regency

House set in 1.6 hectares

of land within Richmond

Park together with

stabling, cottage, garage,

summerhouse and other

buildings

3 bedroom semi-detached

house located within

Windsor Great Park

Was the property

previously Grace &

Favour?

Yes Yes – prior to occupation

by the Army Chaplains

Yes – but circumstances

overtaken by

continuation of current

letting

n/a

Was Grace & Favour

option rejected by the

Royal Family?

Yes

Yes n/a n/a

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Royal Lodge Bagshot Park Thatched House Lodge Cottage in Windsor

Great Park

FINANCIAL

Refurbishment and

renovation costs to be

met by the Royal

Family member(s)

Initial estimate £5

million, later a

commitment to £7.5

million, within the first 2

years

£0.58 million, within the

first 2 years

(subsequently exceeded,

with an estimate of £1.38

million spent)

Considerable sums have

been spent during the

last 40 years of

occupation

nil

Refurbishment costs to

be met by The Crown

Estate

nil Contribution of £1.6

million (offset by £1.8

million paid by MoD in

respect of dilapidations

accrued during Army

Chaplains’ occupation)

nil Property put into good and

proper order prior to

letting. Landlord’s fixtures

being updated

Premium payable

£1 million nil £670,000 (for current

lease extension)

nil

Annual rent

nil (a peppercorn).

Minimum notional

annual rent assessed as

£260,000

£90,000 subject to 15 year

rent reviews linked to RPI

£1,010 rising to £6,000

by defined stages

£10,200 (having risen in

regular stages from £7,200)

Did The Crown Estate

take independent

professional advice on

the contractual

arrangements and the

value to be obtained

from selling/letting the

property?

Yes

From Knight Frank,

Chartered Surveyors and

Cluttons, Chartered

Surveyors

Yes

From Knight Frank,

Chartered Surveyors

Yes

From Cluttons,

Chartered Surveyors

Yes

From Smiths Gore,

Chartered Surveyors

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Royal Lodge Bagshot Park Thatched House Lodge Cottage in Windsor

Great Park

Did The Crown

Estate’s independent

professional advice

conclude that the lease

agreement provided

good value?

The final independent

review commissioned by

The Crown Estate

concluded that the

transaction was

appropriate in view of

the over-riding need to

maintain close

management control

over Royal Lodge. That

need clearly constrained

The Crown Estate’s

ability to realise the

highest market value for

such a property

The Crown Estate judged

the outcome to be in line

with the indication of

rental market value for

residential use, as

obtained from their

advisors

The most recent lease

extension was granted

by analogy with the

Leasehold Reform,

Housing and Urban

Development Act 1993

The valuers applied the

methodology required

by the legislation and

negotiated an

appropriate settlement

with the tenants’ agents

The property was let on

terms consistent with other

such assured shorthold

lettings

Were The Crown

Estate’s financial

procedures followed?

Yes

(approved by Investment

Appraisal Committee

and reported to the

Board)

Yes

(approved under

delegation of Chief

Executive and reported to

the Board)

Yes

(approved under internal

delegations)

Yes

(approved under internal

delegations)

Is the property eligible

for Common

Agricultural Policy

grants ?

No No No No

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Royal Lodge Bagshot Park Thatched House Lodge Cottage in Windsor

Great Park

MANAGEMENT

Are there legislative

constraints in the 1961

Crown Estate Act re

disposal or letting of

the property?

Yes

Within the designated

area of Windsor Great

Park

Statutory restrictions on

use and sale of freehold

apply

Yes

Within the designated

area of Windsor Great

Park

Statutory restrictions on

use and sale of freehold

apply

But property is in an

‘exempted’ area

(Richmond Park) where

freehold sales are not

available

Yes

Within the designated area

of Windsor Great Park

Statutory restrictions on

use and sale of freehold

apply

Did security

considerations prevent

an open market

approach to letting?

Yes, because of the

Royal Family’s use of

the Royal Chapel, which

is located in the centre of

the grounds

No – selective marketing

was undertaken

No - The property was

originally acquired by

the tenants through the

purchase of a sublease

No - shorthold letting as is

applied to other such

cottages and houses within

the Windsor Estate

Did The Crown Estate

take independent

professional advice on

alternative uses of the

property?

Not applicable as

residential use was

continuing

Yes

From Knight Frank,

Chartered Surveyors and

William Hillary,

Chartered Surveyors

Not appropriate as lease

extension being granted

Not appropriate as no other

potential

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Royal Lodge Bagshot Park Thatched House Lodge Cottage in Windsor

Great Park

What were The Crown

Estate’s management

objectives for this

property?

To retain control over

the property as part of

Windsor Great Park in

line with The Crown

Estate’s statutory

obligations; to achieve

the refurbishment and

appropriate use of a

listed property; to meet

the particular security

implications of the

property and to maintain

historic provenance

through continued Royal

occupation

To retain control over the

property as part of

Windsor Great Park in

line with The Crown

Estate’s statutory

obligations; to restore the

property to private

residential use in line with

planning requirements; to

achieve the refurbishment

of a listed property within

a designated conservation

area; and to maintain

historic provenance

through restoring Royal

occupation

To ensure continued

occupation and

maintenance of this

listed building in a

manner consistent with

its location in a Royal

Park

To let houses and cottages

not required for estate

workers to generate income

on shorthold lettings to

offset running costs of

Windsor Great Park

Were The Crown

Estate’s management

objectives met?

Yes Yes Yes Yes

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Royal Lodge Bagshot Park Thatched House Lodge Cottage in Windsor

Great Park

LEASE DETAILS

Date of lease

agreement

2003 1998 1971

(Occupied since 1963)

2003

(Occupied since 1998)

Period of lease

agreement

75 years 50 years 70 years initially,

subsequently extended

from 1994 by 150 years

Held throughout on an

assured shorthold tenancy

Restrictions on re-

assignment of the lease

Assignment of whole

property only permitted

to named members of

his immediate family

and not in last 5 years

Assignment of whole

property permitted,

subject to restrictions,

except in first 8 years

after completion of the

works and last 3 years

Assignment of whole

property permitted

except in last 5 years

Not assignable