Lease Dangers

Writen by on 1st Jul 2012

All services charges are estimated and approximate, since expenditure for the current year is unknown. Many times, the accounts will not be audited. As the new owner, you may be responsible for the previous year’s accounting. before the period of your ownership. Your lawyer cannot tell you all the information relating to expenditure of the previous years as he or she can only rely on the information provided by the managing agents, via the lawyers. The amount of service charge can vary, so any accounts presented should be viewed with caution. The Lease property always provide you some feature that always not true, so be careful when you going to sign in a paper.

Lease Dangers

Lease Dangers

 

Example

A typical lease would contain the following elements. Examples are fictional and for ease of reference only.

Date of Lease: 19 March 2001

Term of Lease: 99 years from 20 October 2000

Ground Rent: £ 225.00

Current Service Charge: £ 1750.00

Current Buildings Insurance: £ 3,000,000.00

Landlord: Mr Smith

Managing Agents: Smith & Co

Estate and Letting Agents: Smith & Co

Estate and Letting Agents

 

Residents Association

23 Acacia Avenue Block

Residents Association

Mr Smith or the

Responsibility for structure

Landlord and exterior of building

Residents Association

23 Acacia Avenue Block

Residents Association

Responsibility for structure Mr Smith or the

Landlord and exterior of building

 

Responsibility for exterior Mr Smith or the

Landlord decoration and repair

of windows and doors

to property

 

Responsibility for interior Mr Jones or the

Tenant decoration and repair Visit here for more information www.realestateadvertisingideas.org




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