May 12

Maintenance Responsibilities in Leases of Flats and Maisonettes

Ultimately, it depends on the Lease wording…

There are no hard and fast rules. As the heading says: “It depends on the lease wording.” We can explain what is often the case, but there are lots of variations and different arrangements between Landlords/Lessors and Management Companies and Tenants/Lessees.

If a Management Company is involved (not to be confused with a Managing Agent),it will take on some or all of the responsibilities that the Lessor/landlord would otherwise have.   We will explain two typical situations below, but please keep in mind that you mustn’t assume the position with the flat you are buying or selling. There’s no substitute for checking the lease to be sure of the position.

March 23

Shared Ownership – The saviour for ‘generation rent’ or a ticking time bomb?

Shared Ownership has been held by national politicians as a way for young adults to grasp the first rung of the property ladder without the requirement of providing what are, for many, unrealistic deposits.

On the face of it there appears to be substance to this argument. As a purchaser is only required to purchase a portion of the property (usually between 25% and 75%),the initial up front cost, and therefore the required mortgage deposit, is significantly reduced. This has brought property ownership within reach of many young adults.

However, prospective tenants are not being made fully aware of the potential implications of Shared Ownership Leases as the law does not provide the same protections to tenants of Shared Ownership Leases as it does to tenants of regular long-term leases.

March 3

What is a Flat?

Most people assume they know what a flat is, but definitions can be more difficult. Here is one:

“A flat is a separate and self-contained premises constructed or adapted for use for residential purposes and forming part of a building which it is divided horizontally from some other part of it.”

There is no legal distinction between flats, maisonettes and apartments. Maisonettes tend to have a separate outside door and sometimes a stretch of garden land. Some people think of two storey flats as maisonettes. “Apartment” is an Americanism used now by builders and estate agents for a flat to improve the image for sales purposes.

February 24

Affordable Home Ownership Schemes

The Property market is constantly in the media due to the increasing prices of houses throughout the country.

With London house prices being the most expensive in the country, it is of course an especially worrying prospect for all first time buyers in the capital.

Richard Webster and Co. are able to work with you on many affordable home ownership schemes available to first time buyers at the present.

We have outlined various schemes available below which may be able to assist you on getting your first home: