Know your lease!

Know your lease!

Being apartment specialists, we are experts in ‘all things leasehold.’ Before selling your apartment, we recommend you fully understand your lease to ensure you speed up the selling process when on the market. It pays to be prepared... 

 

One of the first things you must do is check the length of your lease. You will face restrictions on your options if it is less than 60/70 years. Most lenders will not approve a mortgage once it is around that sort of threshold, which means your apartment will be less attractive to buyers. This could affect the value of your home as a result. Leases can be up to 999 years, but as time goes by, a lease reduces in length. However, don’t panic – new rules mean you now have a legal right to extend them. By extending under the Leasehold Reform, Housing and Urban Development Act, you could add 90 years to the existing lease. Your apartment should then sell quickly and easily, whilst increasing its value too. However, get it sorted before you sell, as extensions are a lengthy process and a potential buyer may not be prepared to wait for the legal paperwork to be completed. We recommend extensions for leases under 80 years.

 

You also need to be aware of various lease conditions that you must comply with to avoid delays with the transfer of title between yourself and the new buyer. These conditions include references to the freeholder, collecting ground rent, service charges, pets, sub-letting and mortgages.

 

There are many other aspects to consider which we can provide guidance on so please do give us a call if we can help you.

When you are giving your property to rent, you are trusting a stranger with your property. No matter what you do for a living, owning a property requires a lot of efforts. Property in UK does not come cheap, and the prices have risen over the past years. Whether you are renting out your property that you live in or some other property in your investment portfolio, you will want to have the best tenant. Also, there is some sentimental value attached to the property, so you need to be certain about who is living in it.

Being a new landlord, you must be having a lot of questions on your mind. Don’t worry! It is obvious to have queries regarding your rights and responsibilities towards the property. Just because you have let out your property, it does not mean you do not have any right over it. Don’t fall for misconceptions or myths regarding the right of a landlord to access his property. There are rules that govern the same, and you need to know these regulations. Make sure you get your queries solved before signing the tenancy agreement as standard tenancy agreements state the conditions in which landlord can access the property.

Have you ever made those impulse buys and then, maybe a few days or weeks later, regretted it?