What Responsibilities are Involved in a Leasehold Contract for your London Property Management?
Property Management London will take care of the following issues when they are entrusted with your leasehold property:
* Lease agreement: this is a contract between the landlord or freeholder and the lessee or tenant in which the conditional ownership of the leasehold property is given to the latter for a particular period of time. The lease contract is a vital document that both parties must preserve with care and understand its detail to the last word. The language used in the lease is strictly legal and it can differ from property to property. It should be entrusted to a solicitor so it can be interpreted for the benefit of the landlord and the lessee.
* Contractual rights: primarily it is the right to occupy the property peacefully for the lease period and it is commonly defined as “quiet enjoyment”. The contractual rights also allow the tenant or lessee to expect repair and maintenance of the property from the landlord and also the management of common areas related to the property. These would include areas that are not expressly granted to the leaseholder but they are given access to such as the entrance and staircase.
* Responsibilities of the Lessee: the principal responsibility of the lease holder is to keep and maintain the property in good condition and order and share and pay the repair and maintenance cost. The should also behave in the most neighbourly way with others in the property and not to act without the consent of landlord with regard to the alteration of the property or subletting. The landlord is obligated to other tenants to ensure the above for the general benefit of the leaseholders in a building. All of these elements are included in the lease contract before it is signed.
* Ground Rent: A leasehold property is like a tenancy only it differs in the occupancy period and is subject to payment of ground rent. This could be a nominal amount to the landlord and it is a specific requirement that must be abided by the leaseholder and paid on the due date without failure. The landlord has the right to specifically demand it by notice.
* Service Charges: are a payment that a leaseholder is obliged to pay the landlord when they become necessary for the property. The services include repair and maintenance of the leasehold property, buildings insurance, central heating, porterage, lifts, estate personnel, cleaning and lighting for the common areas. Service charges would also include the London property management cost which would be either from the provided by the property owner themselves or their appointed property management company.
* Lease agreement: this is a contract between the landlord or freeholder and the lessee or tenant in which the conditional ownership of the leasehold property is given to the latter for a particular period of time. The lease contract is a vital document that both parties must preserve with care and understand its detail to the last word. The language used in the lease is strictly legal and it can differ from property to property. It should be entrusted to a solicitor so it can be interpreted for the benefit of the landlord and the lessee.
* Contractual rights: primarily it is the right to occupy the property peacefully for the lease period and it is commonly defined as “quiet enjoyment”. The contractual rights also allow the tenant or lessee to expect repair and maintenance of the property from the landlord and also the management of common areas related to the property. These would include areas that are not expressly granted to the leaseholder but they are given access to such as the entrance and staircase.
* Responsibilities of the Lessee: the principal responsibility of the lease holder is to keep and maintain the property in good condition and order and share and pay the repair and maintenance cost. The should also behave in the most neighbourly way with others in the property and not to act without the consent of landlord with regard to the alteration of the property or subletting. The landlord is obligated to other tenants to ensure the above for the general benefit of the leaseholders in a building. All of these elements are included in the lease contract before it is signed.
* Ground Rent: A leasehold property is like a tenancy only it differs in the occupancy period and is subject to payment of ground rent. This could be a nominal amount to the landlord and it is a specific requirement that must be abided by the leaseholder and paid on the due date without failure. The landlord has the right to specifically demand it by notice.
* Service Charges: are a payment that a leaseholder is obliged to pay the landlord when they become necessary for the property. The services include repair and maintenance of the leasehold property, buildings insurance, central heating, porterage, lifts, estate personnel, cleaning and lighting for the common areas. Service charges would also include the London property management cost which would be either from the provided by the property owner themselves or their appointed property management company.
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