The lease must contain the following clauses if it is to comply with current law:
Identification of the property
The property is called “a demise” and is described in the lease by reference to a plan. The plan will have a narrative explaining that it correctly shows the property you intend to purchase. If there is any discrepancy, the client has to let his solicitor know.
Lease hold rights are granted in order for the property “to work” as a habitable apartment for example, access to the road, water and electricity supply, and others. These rights must be in the lease and can include the following,
but in practice can cover any rights.
Popular examples for apartments are as follows:-
Right to run services through adjoining property:
Right to go onto adjoining property to repair such services and the property itself, making good any damage caused Right to use estate roads and footpaths.
Right to use common parts of the building:
Right to use the gardens, lawns and amenity areas of the property and estate along with other lawful occupants Right to use communal dustbin.
Right of shelter and support:
Right (subject to payment of all charges) to use a club room or other communal facilities on the estate Right to the benefit of covenants and restrictions similarly imposed on other residents as on the demised property.
Right to use cycle store:
Right to use master television aerial Right to use allocated parking space Right of way over a reserved area.
These are rights retained by the landlord and work the opposite to rights granted. In other words, the landlord and other people have rights over your demise or land.
Covenants are a set of promises that run with the land. The leaseholder can assign his interest many times but it will always be subject to terms (promises, agreements or covenants) that run with the land.
Visit homepage for find out more article: http://realestateadvertisingideas.org