Lease & Leasehold

Why do we need to contribute to a Reserve Fund Featured Image

Why do we need to contribute to a Reserve Fund?

Click on the video below to listen to Property Manager Jamie, explain why you need to contribute to a Reserve Fund.     “Your lease will dictate whether monies can be collected for a Reserve Fund. And if the lease confirms a Reserve Fund can be collected, then this will enable the Freeholder and their agent to plan financially for future works such as exterior or interior re-decorations. When the Reserve Fund is sufficient and major works can be carried out, the leaseholders may avoid any additional charges to cover the works.”

Read More
What is the difference between Leasehold and Commonhold ownership Featured Image

What is the difference between Leasehold and Commonhold ownership?

Click on the video below to listen to Property Manager, Jamie discuss the difference between Leasehold and Commonhold ownership.     “The difference with Commonhold is the individual property owners own everything. There is no landlord or freeholder to worry about. Each property owner becomes a member of the Commonhold Association, which owns and manages the shared part of the property, under a set of rules approved by the association. Under leasehold ownership, this is limited by time. Once the lease is expired, it will revert back to the landlord.”

Read More
Statement of Estimates Featured Image

‘Statement of Estimates – Why do we need this and what’s included?’

Click on the link below to listen to Property Manager, Jamie explain.     “A Statement of Estimate can only be issued once the first notice has expired.  This will include recommending contractors and their prices by the landlord or agent, as well as nominated contractors by the lessees, if any have been put forward.  In the same way as the Notice of Intention, the landlord and agent must have consideration to any comments put forward by the lessees before or on the expiry date.”

Read More
Notice of Intention Featured Image

‘Notice of Intention’ – why do we need this and what’s involved?

Listen to Property Manager, Lewis explain what a ‘Notice of Intention’ is. “A Notice of Intention is sent to inform leaseholders what work the landlord or managing agent is planning to carry out. The notice will give recommendations as to why the work should be carried out. An address and time will be provided of where the specifications of the works can be viewed. Leaseholders are invited to give observations in writing of the intended works. They will also be invited to nominate a contractor of their choice. The landlord or agent must then take into consideration any comments received…

Read More
Can I sublet my flat? Featured Image

Can I sublet my flat?

Click below to listen to BW Residential Property Manager, Lewis Hood talk about subletting your flat and whether you would be in breach of your contract or not.     “Your lease will provide details on whether you are permitted to sublet your flat.  The majority of leases will allow you to sublet but you will often need permission from the freeholder.  We would recommend reading your lease and contacting your freeholder to gain permission before subletting your flat.  As if you do not get permission, you will be in breach of your lease.”

Read More
Why do leases need extending? Featured Image

Why do leases need extending?

Listen to Property Manager, Jamie Fisk discuss why leases need extending.     “Your lease is granted for a set period of time and at the end of that period, the property is handed back to the freeholder.  By extending the lease, you are increasing the time you remain the leaseholder of the property before it’s handed back to the freeholder.  Often increasing the lease comes with a premium and there is a formal procedure to follow in order to extend the lease.”

Read More
What is the difference between Freehold and Leasehold? Featured Image

What is the difference between Freehold and Leasehold?

Listen to Property Manager, Lewis Hood, who in the short video below, will explain the difference between Freehold properties and Leasehold properties.  

Read More
What is Ground Rent? Featured Image

What is Ground Rent?

Listen to Property Manager Jamie Fisk, who will explain what ground rent is in his short video below.    

Read More
What is a Section 20 Notice? Featured Image

What is a Section 20 Notice?

Click below to listen to Property Manager Jamie Fisk explain what a ‘Section 20 Notice’ is.    

Read More
What is a RTM - Right to Manage? Featured Image

What is a RTM? (Right to Manage)

Click below to listen to BW Residential Property Manager, Lewis Hood for more information.    

Read More