RESIDENTIALlettings
information on the landlord’s proposals for any future works or long-term agreements or contracts
Other useful information that can be included: any licence relating to the flat details of the freehold, including any proposals to buy it details of the rights and obligations of the leaseholder and the landlord and whether these have been complied with information relating to the landlord and any agent or manager of the building that might affect the purchaser’s relationship with them details and membership of any body which manages the building, such as a Residents’ Management Company (RMC) or Right to Manage Company (RTM) information on any outstanding payments for service charges or ground rent information on any sinking fund or
tO
reserve fund for the building, including whether any payments are outstanding information about who is responsible for insuring the building, including the terms of the insurance cover and whether any payments are outstanding.
Obtaining infOrmatiOn frOm the managing agent Many, although not all, of the documents should be held by the managing agent. Remember that most agents will charge the flat’s vendor a fee for providing copies and that there is no statutory obligation on them to comply with requests for HIP documents, or to do so in a timely manner. Vendors looking for a quick sale should be mindful of this.
Where can i get mOre advice? Your or your vendors can contact LEASE (The Leasehold Advisory Service), www.
lease-advice.org. Estate agents are welcome to call to speak to an adviser on 020 7354
5380 Monday to Friday 9.30am to 5.00pm or email
info@lease-advice.org. LEASE publishes a detailed advice guide on HIPs which is available on request or to view or download at its website. LEASE also publishes a useful guide called “Living in Leasehold Flats – a guide to how it works” and recommends that agents refer all prospective buyers to it. The Leasehold Advisory Service
(LEASE) is an Executive Non Departmental Public Body (ENDPB) funded by Government to provide free legal advice to leaseholders, landlords, professional advisers, managers and others on the law affecting residential leasehold and commonhold. It also provides a mediation service.
LEASE is funded by: Communities and Local Government (CLG) Ministry of Justice (MoJ) Welsh Assembly Government (WAG)
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www.propertydrum.com PROPERTYdrum JUNE 2010 55
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