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Good Leasehold title, Lease, leasehold, Leasehold Conveyancing Quote, Property Market, purchase, Quicker conveyancing, sale, Service Charge    No Comments

flat block

 

Owning the freehold means that you own the land and the building on the land.

If you own a leasehold property the land is owned by the freeholder known as the landlord and the leaseholder, the tenant, owns the property the term of the lease. When if the lease expires, the property returned back to the ownership of the landlord.

Leasehold properties are common and are very useful when you need to have rules in place regarding the management of common areas, say a block of flats, as the leaseholders will each own their flat but the landlord will continue to own the structure and the common parts such as the staircases, the gardens, parking areas etc  and each of the leaseholders will generally be required to pay towards the upkeep of such.

If you are planning to buy or sell a leasehold property please contact our specialist leasehold team as they would be happy to provide you with a fixed fee quote.

Christie Limb

 

 

 

 

 

 

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commercial property, Commercial property sale, Tenancy Deposits, Uncategorized    No Comments

 

 

The first step is that you will need to check that the lease can be passed to another third party. Look at the terms  the lease for the assignment of lease clause. Most leases allow for the assignment of the whole, very few allow for the assignment of part of the property.

The assignment clause will generally require that the landlord’s consent to the assignment is obtained. The landlord and you, as the outgoing tenant, will want to ensure that the tenant coming in is off suitable financial standing to pay rents etc. The landlord may put conditions on the licence to assign including:-

1. that you as the tenant passing the lease on, enters into what is called an AGA ( Authorised Guarantee Agreement). This in basic terms is an agreement in which you as the tenant passing the lease on, guarantees that the incoming tenant will comply with the terms of the lease;
2. the landlord will ask that you pay his fees and his surveyor’s fees for  the licence to assign;
3. the landlord if he is not completely satisfied that the incoming tenant is of suitable financial standing may request that the incoming tenant pays a rent deposit.

When you are looking to pass the lease onto a new tenant it is important that you take legal advice at an early stage. I have lots of experience in such matters and would be happy to assist with any questions you may have and if you decide to instruct would provide you with a fixed fee quote for the work.

Christie Limb

climb@fidler.co.uk

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