Flat Living WeBsiteGUiDe
Makesure youknow exactly what you are
entitled to under thelease
can be adopted and utilised when drafting alease,however youshouldalwaysensureyou take good independent legal advice before entering into or purchasing a lease. Do notbeafraidtoask your
lawyer any question regarding thelease/propertyyou are acquiring and any benefit you believe the samehas. For instance youmay believethe leaseyou areacquiring includes aparticularcar parkingspace and as such the premiumyou arepayingisreflective. You therefore need to ensure that the car parking space you think you are acquiring is the actual car parkingspace demisedwithin the lease and /or the car parking space will actually belong to you, rather than thelease just making provision for the lessee to park a car in a particular space determined by the landlord from timeto time; the landlord even having theability to withdraw the offer to provide a car parking space. Other questions youmust ensure areinvestigated, are otherbenefits youbelieve come with theacquisition of thelease, such as the use of communal gymnasiumfacilities or other leisure facilities such as a communal garden etc. While a leasemay seema
complicateddocument, the role it playsisessentially simple. It is the backbone of thecontractual relationship betweenthe landlord andlessee. It is importanttoremember, a factmost residential landlords attempt to forget, that the
Flat Living Issue 15
complicateddocument, therole it plays is essentially simple
leasedocumentisnot only the binding agreement in this relationship,ratheritisthe blueprintorstartingpoint of therelationshipsetting out thetermsbetweenthe parties. Statuteplays alarge role in determining various obligations andthe exercise of therights that each has a part in. Themost common
residential lease types are those that we are probably allmost familiar with i.e. thosewhere there exists a freehold owner of aproperty or land, anda leaseholderwho is granteda leaseoverapartofit. However thereare otherarrangements inwhich residential leases are fundamental, such as those where a ResidentManagement
Companyisinplace.Insuch situations,itiscommonfor most if notall personsowning aflat to also ownashare of the freehold via ownership of a shareinterest in theResident Management Company. This can result in the leases functioning slightly differently to reflect themake-up of the
property.Inrecentyears,the rise of thesharedownership leasehas also cometo thefore, with itsownunique elements such as allowances forthe shared ownershipleaseholder
to graduallypurchasethe fullextentoftheir individual property. Someof the more complex
estatesmay even contain multiple levels of ownership, such as head leases and under leases,orhaveamixture of leasehold units like flats and freeholddwellingssuchas houses,commercialunits and social housing.
Whilea leasemay seema
Copy Lease If youneed acopylease and you have a mortgage on your property acopycan usuallybe obtained fromyour mortgage lender. Alternativelythe Land Registry
will hold acopyalthoughan administration feemay be
charged forproviding acopyvisit
www.landregistry.gov.uk●
ShalimAhmedF.Inst.L.ExAssocRICS MIRPM,ManagingDirector SterlingEstatesManagement Ltd Tel 02084273363 Email
info@sterlingestates.org.uk www.sterlingestates.org.uk
Toreadthis article in full,go
towww.flat-living.co.uk/ advice/96-what-is-a-lease
What else is thereonline forme? Othertopicscovered by
this area of thewebsite include: nWhy do we need a lease
http://www.flat-living.co.uk/advice/796-why-do-we-need-a- lease
nWhere ismylease?
http://www.flat-living.co.uk/advice/97-where-is-my-lease
nHowdo I obtain a copy?
http://www.flat-living.co.uk/advice/104-how-do-i-obtain-a-copy- lease
nWhat is a head lease?
http://www.flat-living.co.uk/advice/98-what-is-a-head-lease
nWhat is a tripartite lease?
http://www.flat-living.co.uk/advice/505-what-is-a-tripartite- lease
nWhat happens if your landlord goes bust?
http://www.flat-living.co.uk/advice/875-what-happens-if-your- landlord-goes-bust-
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