Leasing and Letting
Leasing
- Residential or Commercial
A lease simply means the right to occupy a property for a period. At the end of this time, although you may stay on as a tenant, the freeholder will own your property.
Complexity. Jargon. Legalese. The law affecting flats and leasehold property (and often, significantly, someone's home) can appear daunting to the uninitiated. Often it's simply a case of access to the right information to sort out an issue.
A lease is the legal agreement, or contract, between the freeholder and the leaseholder.
The lease sets out the rights and responsibilities of both parties, including the terms of the lease, the rental amount and service charge.
Caldicotts Solicitors LLP can create a Lease to your specific requirements and we have friendly solicitors who will be happy to discuss and explain the main provisions of your lease to you; these include;
- The rights of the landlord and tenant
- Rent, interest and rent review
- Repair and decoration of the property
- Alterations of the commercial or domestic premises
- The tenant's legal obligations
- The tenant's use of the commercial or domestic premises
There will be similar checks applied to the purchase of a Leasehold property as there would be to the purchase of a Freehold property
In England & Wales any property lease which has been granted for a period of seven years or more must be registered with the Land Registry and subsequently land registry fees will be applicable
Letting
If you rent out - or are thinking of renting out - your home, it is vital that you are aware of your legal rights and obligations.
The Landlord & Tenant Act 1985 and Housing Act 1988 govern the renting or letting of property.
What's the landlord responsible for?
- repairs to the structure and exterior of the property, heating and hot water systems, basins, sinks, baths and other sanitaryware
- the safety of gas and electrical appliances
- the fire safety of furniture and furnishings provided under the tenancy
- ensuring that the property is fit for habitation
- repairing and keeping in working order the room and water heating equipment
- the common areas in multi-occupancy dwellings
In addition, the landlord is entitled to reasonable access to the property to inspect to carry out repairs.
What's the tenant responsible for?
- Paying the rent as agreed and taking proper care of the property
- Bills for gas electricity, telephone, etc if this was agreed with your landlord
- In most cases, paying rates.
There are three types of lease for private tenancies:
- 1. Assured Shorthold Tenancy - tenancies started after 28th February 1997 unless the landlord has stated otherwise. Landlords are certain of retaining possession of the property at the end of the lease.
- Assured Tenancy - tenancy is assured for a fixed period and can only be terminated by court order or surrender by the tenant.
- 2. Regulated (or 'protected') Tenancy - tenancies started before 15th January 1989. These offer the most protection against rent increases or eviction.
3. Under the Housing Act 1985 council or housing association tenants benefit from 'Secure Tenancy'. They have greater protection from rent increases or eviction than private tenants and can transfer the tenancy to a spouse or dependants should they die.
