Important Leasehold Reform News Featured Image

Important leasehold reform news!

Millions of leaseholders will be given the right to extend their lease by a maximum term of 990 years at zero ground rent, the Housing Secretary Robert Jenrick has announced today (7 January 2021). The changes, making home ownership more secure, will mean that a leaseholder can extend their lease on their home but will no longer pay ground rent to the freeholder which could save them thousands of pounds.  This reform also applies to all new retirement properties and forms part of the biggest reform to English property law for forty years.  Under current rules, leaseholders of houses can…

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Why is There a Health and Safety Section in My Service Charge Budget Featured Image

Why is there a Health and Safety section in my Service Charge budget?

Click on the video below to listen to Property Manager, Jamie explain why there is a Health and Safety section in the Service Charge budget.     “The Health and Safety section in your Service Charge budget will mainly cover the costs for both the Health & Safety and Fire Risk Assessment to be carried out.  It is vital that a risk assessment is carried out in your block to highlight any potential hazards and to rectify them accordingly, so the block is fully compliant with all health and safety regulations.”  

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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.”

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How do you deal with Service Charge arrears Featured Image

How do you deal with Service Charge arrears?

Click below to listen to Property Manager, Lewis Hood talk about Service Charge arrears.     “The lease will detail how and when the service charge is due including the time and how frequently this needs to be paid. At BW Residential, we deal with Service Charge arrears promptly and in a professional manner. This means that we can make sure that there is sufficient monies available for any upcoming large expenditure, such as upgrading the entry-phone system or painting the communal areas.”

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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.    

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A guide to leasehold featured image

A guide to leasehold

Please read this guide for more information on leasehold.  

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What is a lease featured image

What is a lease?

Click below to listen to BW Residential Property Manager, Jamie Fisk for more information.   

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When should you extend a lease Featured Image

When should you extend a lease and how much would it cost?

A Lease lasts for a finite period of time and any lease with 70 years or less to run is classed as a Short Lease.   Essentially, as the unexpired period reduces, so does the value to the leaseholder, whilst the value to the freeholder increases.  This is why it’s best to extend a Short Lease sooner, rather than later and you should be mindful of the following points. The cost of extending a lease is a balance between the value of its location and the length of time it has left. The best advice is to look at your…

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Do I Need a License to Alter Featured Image

Do I need a Licence to Alter? What is it?

You may have the heard the term ‘Licence to Alter’ if you are a Leaseholder, but what does it mean and when do you need one?   As a leaseholder, there may come a time when you might need to consider a change to the layout of your property.   The lease will determine whether this is possible or not; if alterations are possible then this will most likely require the landlord’s consent. Making alterations without researching the lease and obtaining consent could mean that you are in breach of your lease, and this should be avoided at all cost.…

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