Leaseholders – Don’t Forget To Pay Your Rent

17th November 2014 by

You’ve got a mortgage and bought a property. You probably think that rent will be a thing of the past and that you will be free to allocate your money to repairs and maintenance as and when you are able. However if you’ve bought leasehold property you will not be the owner of the building in which the property is located. The freeholder will own the building. The leaseholders are usually required to pay all costs of insuring, repairing, maintaining, cleaning and managing the building through payment of a regular service charge.  The service charge is a variable sum as costs will alter from year to year.  Most leases also require payment of ground rent which is usually a fixed nominal amount specified in the lease.  Continue reading →