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Providing good management for buy-to-let properties

Providing good management for buy-to-let properties. Anthony Essien. Agenda. Before you buy After you buy Remedies. Before you buy. Who manages ? Landlord; or Managing agent; or Management company named in the lease Understand ‘leasehold’ A long leasehold interest is a ‘tenancy’

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Providing good management for buy-to-let properties

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  1. Providing good management for buy-to-let properties Anthony Essien

  2. Agenda • Before you buy • After you buy • Remedies

  3. Before you buy • Who manages ? • Landlord; or • Managing agent; or • Management company named in the lease • Understand ‘leasehold’ • A long leasehold interest is a ‘tenancy’ • A right to exclusive possession for a term and usually for a rent

  4. Contd. • System of management under leasehold • Lease • Covenants • Landlord’s • Leaseholder’s • Occasionally a management company named in the lease • Wider law i.e. Acts of Parliament and the ‘common law’ • Code of Practice

  5. Contd. • Observe management • The premises • Access ways • Amenities e.g. gardens , gym • Pre-exchange dealings with management • Timely • Accurate • Businesslike • Does the approach reflect that in the RICS Code of Practice ?

  6. After you buy • Code of Practice • General approach to management • Lease • Specific contractual duties • Covenants • Regulations

  7. (contd.) • Statute • Service charges – • Reasonableness: s.19 LTA 1985 • Consultation: s.20 LTA 1985 • Administration charges – Sch 11 CLRA 2002 • Must be reasonable • Summary of rights to accompany demand • Recognised residents association – s.29 LTA 1985

  8. Remedies • Determination of reasonableness of: • Service charges : s.27A LTA 1985 • Administration charges • Appointment of a surveyor: s.84 HA 1996 • Right to manage: s.71 CLRA 2002 • Appointment of a manager: s.24 LTA 1987

  9. contd • Collective enfranchisement: LRHUD 1993

  10. 31 Worship Street London EC2A 2DX Tel: 0845 345 1993 or 020 7374 5380 Fax: 020 7374 5373 Email: info@lease-advice.org Website: www.lease-advice.org

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