With approximately 4.3 million leasehold properties in the UK, flats and leasehold houses currently comprise almost 20% of the UK’s homes. For this reason it is very important that property owners fully understand residential long leases. Living in flats appeals to a wide range of people ranging from first time buyers through to downsizers. Although an extremely convenient way to live, it is important for leaseholders to understand their rights and obligations which will be contained within the residential long lease for their property.
Residential long leases define several important pieces of information for long leaseholders:-
- The length of time the flat belongs to the leaseholder
- The area demised to the leaseholder
- The amount of ground rent they have to pay and when
- The service charges payable (and what can be included within them)
- The rights and obligations of the leaseholder
To those unfamiliar with living in leasehold property, a long lease can be a daunting document to read and understand. Ideally anyone purchasing a leasehold property would have the lease explained to them during the purchasing process, however this is not always the case, and this is where managing agents like Alba Management Services can be helpful.
Our experience of reading and interpreting leases is extensive. We are equally confident explaining restrictive covenants to individual flat owners to avoid them falling foul of the rules, and advising Residents Management Companies and Freeholders of their repairing obligations and the items that can be recovered through service charges. Once the lease has been de-mystified, it is a vital document that enables the successful operation and running of leasehold properties throughout the UK. If you have a query about your lease our Consultancy Service may be of interest to you, or if you think you need more extensive assistance with your block of flats please contact us for assistance.
Alba Management Services has been managing blocks, estates and residential properties throughout Buckinghamshire and Berkshire for 10 years. The properties we manage range from listed properties to new builds, with everything in between. The blocks vary in size and are located in areas including Henley, Woodley, Twyford, High Wycombe, Bourne End, Taplow and Burnham.
Alba Management Services are Regulated by RICS and have qualified (IRPM) staff. This means we operate to globally recognised standards, safeguard the security of client money, carry out our work with the required skill and competence, and provide appropriate indemnity for the work we do.
Alba Management is a property Management company specialising in block, estate and residential properties throughout the royal counties of Berkshire, Buckinghamshire and Oxfordshire. This article is not only relevant to residential long leases in Berkshire and Buckinghamshire but residential long leases throughout the UK. For more information on residential long leases visit the government funded website Leasehold advisory service