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Good Leasehold title, Lease, leasehold, Leasehold Conveyancing Quote, Property Market, purchase, Quicker conveyancing, sale, Service Charge    No Comments

flat block

 

Owning the freehold means that you own the land and the building on the land.

If you own a leasehold property the land is owned by the freeholder known as the landlord and the leaseholder, the tenant, owns the property the term of the lease. When if the lease expires, the property returned back to the ownership of the landlord.

Leasehold properties are common and are very useful when you need to have rules in place regarding the management of common areas, say a block of flats, as the leaseholders will each own their flat but the landlord will continue to own the structure and the common parts such as the staircases, the gardens, parking areas etc  and each of the leaseholders will generally be required to pay towards the upkeep of such.

If you are planning to buy or sell a leasehold property please contact our specialist leasehold team as they would be happy to provide you with a fixed fee quote.

Christie Limb

 

 

 

 

 

 

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Service Charge    No Comments

A lot of my clients ask when buying a leasehold property what the service charge and ground rent actually is and what it is for?

Let’s be clear ground rent and service charges are not the same thing.

Ground rent is the money that you pay as a leaseholder to the Landlord or Freeholder for basically renting the land that the leasehold property sits on. This is usually a fixed sum and is paid annually.

The service charge is payment for all the services (such as maintenance of gardens and communual areas) that you as a leaseholder will use but will not be specifically responsible for. This will often be an estimate of what the landlord will anticipate will be for the forthcoming year.

Quite often this will be collected through a management company on behalf of the Landlord or Freeholder.

Under the terms of the lease you will be responsible for paying these amounts.

When purchasing a leasehold property your solicitor will investigate whether the ground rent and service charge has been paid up to date and ask questions such as whether it is likely to increase in the coming year. On completion of your purchase your solicitor will ensure that all arrears have been paid and that you will not be responsible for debts incurred not during your ownership.

If you have any questions about Ground Rent or Service Charges please get in touch by email or by leaving a comment on this blog. Or if you need a leasehold conveyancing quote then use our on-line quote system

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