How to Avoid the Pitfalls of Subletting

If you decide to rent out your flat, it’s important to be aware of some of the pitfalls of subletting. When you became a leaseholder, you agreed to comply with the terms of the lease and to do things such as keeping it in good repair, paying your service charge and obtaining consent for certain actions. If you don’t comply with these rules you are ‘in breach’ of your lease. Before subletting you must check that you are permitted to sublet and whether you need to obtain any consent or licence to do so. If your lease requires your freeholder’s […]

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My Development Doesn’t Have a Reserve Fund, Should I Be Worried?

Louisa Myatt, Director at Neil Douglas gives some insight into why reserve funds are important.

No leaseholder wants to be presented with an unexpected bill for several thousand pounds because the roof suddenly needs fixing or external decorations are required. If your development doesn’t have a reserve fund you should be worried. Financial planning is one of the most important aspects of our work as property managers.

Saving into reserves, alongside your contributions to the annual costs of the development, ensures that the funds are there when the work is required.

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