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The Lease Property: Complying With The Current Law

April 01, 2012 | Comments: 0 | Views: 137

A contract is an agreement between specified individuals to do, or not to do, certain things. The lease takes this one stage further. The lease runs with the land and no individuals are specified.

As a lease is attached to the land or 'runs with' the land, then freeholders and lease holders can come and go for the duration of the lease, but always subject to the terms of the lease. Of course, if you think about it, this is ideal and practical but can lead to problems.

The lease must contain the following clauses if it is to comply with current law:

1. Identification of the property The property is called "a demise" and is described in the lease by reference to a plan. The plan will have a narrative explaining that it correctly shows the property you intend to purchase. If there is any discrepancy, the client has to let his solicitor know.

2. Rights Granted Leasehold rights are granted in order for the property "to work" as a habitable apartment-for example, access to the road, water and electricity supply, and others. These rights must be in the lease and can include the following, but in practice can cover any rights. Popular examples for apartments are as follows:-

3. Right to run services through adjoining property

4. Right to go onto adjoining property to repair such services and the property itself, making good any damage caused

5. Right to use estate roads and footpaths

6. Right to use common parts of the building

7. Right to use the gardens, lawns and amenity areas of the property and estate along with other lawful occupants

8. Right to use communal dustbin

9. Right of shelter and support

10. Right (subject to payment of all charges) to use a club room or other communal facilities on the estate

11. Right to the benefit of covenants and restrictions similarly imposed on other residents as on the demise property

12. Right to use cycle store

13. Right to use master television aerial

14. Right to use allocated parking space

15. Right of way over a reserved area.

16. Rights reserved

These are rights retained by the landlord and work the opposite to rights granted. In other words, the landlord and other people have rights over your demise or land.

Tenants' Covenants

Covenants are a set of promises that run with the land. The leaseholder can assign his interest many times but it will always be subject to terms (promises, agreements or covenants) that run with the land.

Landlord's Covenants

This is a list of covenants that the Landlord makes with the leaseholder and can include the following:-

1. Obligation to impose similar regulations and covenants on any other person granted a lease of part of the building. If required, and if its costs are paid, the land- lord will enforce such regulations and covenants against any person in breach of the terms of their lease.

2. Obligation to insure the whole building and common parts.

3. Obligation to maintain and decorate the structure and exterior of the building.

Know more on How to refinance rental properties and obtain tips on How to purchase a rental property?

Source: EzineArticles
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