We appreciate that living within a managed development of leasehold apartments is a new experience for some home owners. Below is a list of FAQ’s that we hope are helpful. We invite existing and potential customers to get in touch for further assistance.
The Lease will dictate which areas of the property are ‘maintained’. These are typically the structure of the building and the internal and external communal areas.
Your lease will define what areas you are responsible for as a leaseholder. These areas are typically within the apartment itself. Along with utility services, once they have branched off from any main supply, to serve any one apartment only.
The buildings insurance will be placed and arranged through the service charge. Please contact us for confirmation of the responsible party at your development.
Leaseholders are required to arrange their own contents insurance.
Service charges are used to pay for the maintenance and management of your development in accordance with the Lease. This typically includes items such as the buildings insurance, cleaning, grounds maintenance, servicing of your fire safety systems, general maintenance, and a contribution into the Reserve Fund for major works.
Service charges are paid into a ring-fenced bank account and held in trust until needed to pay for the maintenance and management of your development in accordance with the Lease.
Ground Rent is payable to your Landlord as specified within your Lease. No services are received for Ground Rent.
Service charge monies are held in trust within a ring-fenced bank account. This is a requirement of S42 of the Landlord and Tenant Act, and the RICS Service Charge residential management code.
Service charge accounts are produced and distributed to Leaseholders within 6 months of the end of each financial year. Or within any timescale provided within the Lease if less than 6 months.
Lancaster Brooks provide regular financial updates to all of our customers. This usually coincides with our regular resident meetings for our independent retirement living properties.
Your Lease specifies that both service charge and ground rent remain payable if the property is empty. This is to ensure that the management and maintenance of your development can continue even when some properties may be empty.
It is important that service charges are paid on time to avoid any potential issues with cash flow. Funds need to be available to meet the running costs of your development at the time they are incurred.
Lancaster Brooks have a credit-control process in place to help ensure that our developments do not experience financial difficulties due to high levels of leaseholder debt.
Pets may be allowed at your Development provided that there are no restrictions within the Lease. Pet consent is required before pets can be kept at the property. Please contact us for further information, relating to your specific development.
Your Lease is likely to require you to seek permission from the Landlord for certain alterations and improvements. Please contact us for further information, relating to your specific development.