Frequently asked questions
Freehold is the outright ownership of the property and the land in which the property is situated. There is no time limit to the ownership of the property or land, unlike leasehold.
Leasehold is a method of owning a property for a fixed period of time, but not the land in which the property is situated on. When this fixed period of time ends, ownership of the property reverts back to the freeholder. Leasehold ownership tends to apply to flats.
A Residents Management Company (RMC) either owns or manages a block of flats which will consists of shareholders or members, who are often the leaseholders. Running of an RMC falls to the responsibility of the directors, who will often appoint a managing agent to manage on their behalf.
Right to Manage (RTM) was introduced in 2002 through the Commonhold and Leasehold Reform Act 2002 which gives leaseholders the statutory right to take over the management of their property from the landlord by setting up a special company, a RTM company.
Right to Enfranchise (RTE) is a method of purchasing the freehold from the current landlord.
Payment of service charges will be stipulated in your lease, which will include when it is due, and how often it is due. These payments cover the day to day running of the building, such as general repairs, buildings insurance, engineering insurance and communal electricity.
Ground Rent refers to regular payments made by a leaseholder to the freeholder or superior leaseholder as required under the lease. The lease details how much is to be paid, and when the Ground Rent is due.
A Lease is a contract between the leaseholder and the landlord giving the leaseholder conditional ownership of a property (often a flat). The Lease will set out your contractual obligations as the leaseholder, and those of the landlord.
A lease is granted for a set period of time. At the end of that period, the property is handed back to the landlord. By extending the lease, you are extending the time in which before the property is handed back to the landlord.
A Confirmation Statement is a snapshot of general information about a company, including its directors, secretaries, registered office, shareholders and people with significant control of the company. This has to be completed once a year and submitted to Companies House before the filing deadline.
If the company is a Limited company guaranteed by shares, then all leaseholders will became a Shareholder of the company.
The lease will detail how and when Service Charge and Ground Rent is due, including the time in which to pay this. At BW Residential Ltd we deal with service charge arrears promptly and in a professional manner.
Very easily, click this link here and we will get in touch with you.
This depends upon how much notice you have to give to your current agent, which can range from 1 month to 3 months, however moving to us as your new managing agents can be a very quick and easy process.