subject: Leasehold Agreements And Responsibilities [print this page] Regardless of its content, make sure you know your rights and responsibilities before you sign any legal agreement. Acquiring a leasehold property is no exception and once you know what you are agreeing to, you might even look forward to it.
Your leasehold flat awaits your occupation. One issue plays on your mind: you are thinking about extending the lease before it drops below 80 years. Perhaps, waiting a little longer before making the move will be worth it. If you want to get your property to the top of the market, it makes sense to extend your lease. Before you get deep into the process, it's sensible to know what you are signing for.
Surely you want your rights and responsibilities easily explained?
Knowing what to expect and what is expected from you when acquiring and extending the leasehold brings great peace of mind. While it might seem obvious, you will have to look after the flat and pay all costs such as electricity, gas and council tax, promptly.
As a leaseholder you will be expected to pay the ground rent every year. Service charges will also be applicable to you for part of the maintenance cost of the building.
However, leaseholders have more rights than you might realise. It's a good idea to know beforehand what lies ahead and to be aware of some of the issues that are in your favour. Knowing what to expect will mean you can be prepared.
A lot of rights are set out by law but you can also find a lot of advice before you speak to a specialist lawyer. Here we give you a sample:
- obtain UK contact details for the landlord
- seek recognition for a tenants' association (RTA)
- learn about service charges and the right to challenge those charges
- insist on being consulted about major works and any long term agreements
- get information about insurance of the property
- comprehend what it means to take over the management of the block of flats through a 'right to manage' (RTM) scheme. This normally happens in case you are not happy with how the landlord/lady is managing the building maintenance.
If you need to exercise any of your rights, it will help to have some clear information of certain obligations and areas where you feel the need to challenge. Once you have acquired basic know how, seek out the services of a qualified lawyer. He will support you through the process.
The soothing freedom of a little prior knowledge will translate to a worry free lease extension - and your flat in a good situation to sell in a competitive market.
