Know your lease


TheneedforregulaTion


Inresponseto all theseissues, thereis agrowingappetite for legislationamong thereputablemanagingagentsworking in theleaseholdsector.Membership of theinstituteofresidentialProperty Managers (IRPM)hasgrownfromaround 1,000threeyearsagotomore than2,500 today,showingthatevenwithout regulation, goodqualifiedprofessionals areemerging. Finally, theroyal institutionofChartered Surveyors (RICS)nowfully recognises theresidentialsectorandtheAssoc-RICS qualificationishopefully thestart of greater consultationandsectorimprovementwith RICSfirmswhoworkin thisarea.


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Understanding lease


YOUR *


Mary-anne Bowring explains why anyone


thinking of buying aflatshouldmake sure they are fully aware of what ‘leasehold’ really means


Channel 4’S Dispatches programme, broadcastin August,highlighted theneed forleaseholders to getgood legal


advice fromthestart of thebuyingprocessand to useasolicitorwhocan explain theirlease to themin simple terms. Not rocket science, just common sense–but toooften this doesn’t happen. It seemsthe days aregonewhen, before completing thepurchaseofyournew flat, a


conveyancing solicitorwould sityou down in hisofficeand help youunderstandthe key clauses of your lease. These might include lease terms preventing you fromusing the flat as a business or bringing commercial vehicles on site;statingwhichboundariesyou ownand what a shared right of drainagemeans; ‘keep carpeted’clauses;why youhavetoregister anysub-letting;whatapet licenceis… and the list goes on. Has the cut-price, on-line conveyancing culturesimplydiminishedthe


Autumn2012 Flat Living


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