Fridaysmove are used to conveyancing Maisonettes, Apartments or Flats which are typically sold as Leasehold titles.
In contrast to a freehold title where you own your property outright with limited interaction with your neighbours, with leasehold titles neighbours have interdependent relationships. They may share common access ways, share shelter from a common roof or have pipes and services within a building which serve a number of Units. As a result the tenants may have to contribute regularly to jointly maintained facilities. For these reasons in leasehold developments there is usually a controlling figure known as the ‘Landlord’ or ‘Lessor’ which may be an individual or a company who retains ownership of the superior freehold title and who has the responsibility of managing the relationships of their ‘Lessees’ or ‘Tenants’.
The terms of any Lease are of the utmost importance and it is therefore essential when conducting leasehold conveyancing for a purchase to make sure that the Lease gives you the rights which you need whilst you live there.
The Lease is the document which will, amongst other things, regulate your use and enjoyment of the Property. There are four prime areas for you to consider when looking at a lease. First is the area of Property included in the Lease and of which you will have exclusive possession. This is normally described as the ‘Demised Premises’. Secondly, it is important to look at the covenants and obligations, which come with the Lease and for which you are responsible. Thirdly, the landlord’s obligations under the Lease are important to consider as you need to know that items not included within your Lease will still be looked after and maintained properly and that all other matters necessary for the landlords to attend to will be done. Fourthly, what are your financial implications by way of service charge.
Fridaysmove leasehold conveyancing team address each of these four areas when conducting a leasehold conveyancing transaction for a buyer.