Leasehold

If you own a residential leasehold property in England and Wales you have a legal agreement with your landlord (also known as the freeholder) that sets out how long you will own it for. The law on leasehold properties can be complex and the issues that arise when a dispute happens are often difficult to resolve.

A Leasehold Services enquiry service can help you get the information you need to make the right decisions for your situation. LEASE is an independent, non-departmental public body that provides free initial legal advice on residential leasehold and park home law over the phone or in writing.

The service provides a simple and effective way to obtain the information you need, either by phone or on their website. All of their advisors are fully legally qualified and will be able to answer any questions you may have, provide an outline with current law in mind, and recommend where more detailed information can be obtained should that be necessary.

Leasehold Enquiry Service

The Leasehold Advisory Service is looking for two new Members of the Board. The role is ideal for someone with a strong financial background and/or legal experience in the residential leasehold sector, sound judgement, and decision making skills. The candidate will be required to lead, with integrity and impartiality, a team of staff in delivering a service that has an important public purpose.

For those on a fixed income, downsizing to a smaller home might be an attractive option. A leasehold property can offer you a simpler lifestyle, at a lower cost than a fee simple house (which leaves more of your resources liquid), in an area that you are likely to be happy living in for years to come.

The freeholder or the management company will put together a leasehold Management Pack and usually pays for this. This can be an expensive process and can take weeks to complete, so it’s essential to make sure the information you are receiving is accurate and up-to-date.

Landlords can demand a contribution from the leaseholder towards a Sinking Fund, which is a fund that can be used to help pay for large works in the future (for example, a new roof). This is normally included in the service charge and will mean that you don’t have to face a massive one off bill when the time comes for these big projects to be completed.

In addition, some leases allow landlords to demand a contribution from the leaseholder towards the cost of a statutory right of first refusal on the sale of a property, which can be useful for avoiding any nasty surprises.