Understanding Leasehold

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It’s essential to consider additional insurance for your apartment, as the building’s insurance typically does not cover contents or internal pipework.

Year-end accounts provide a financial summary of service charge expenditures, potentially leading to either a balancing charge or a surplus refund.

Section 20 works involve major building repairs costing over £250 per leaseholder, requiring a formal consultation process with leaseholders.

The managing agent collects service charges and uses them to maintain the building, ensure compliance, and handle daily leaseholder queries.

A Resident Management Company (RMC) is a collective of property owners who make decisions about managing their building, while a managing agent is a hired professional responsible for executing those decisions and handling day-to-day operations.

The King’s Speech 2023 introduces significant leasehold reforms aimed at making it easier and cheaper for leaseholders to secure their homes, enhancing consumer rights and ensuring transparency and fairness in the leasehold property market.