Leasehold explained

If you are new to this type of home ownership, what you think of it will very much depend on how well it was explained to you. We want you, our client and customer, to make informed decisions, and are not looking at a flat without knowing what you are signing up to.

If you are a potential buyer of one of the properties, under our services, besides information on the lease, the pack includes information on service charges including the service charge year, the ground rent and any anomalies about the accounts such as prior year deficits. A little bit about us and your relationship with us is in there and several other issues which may be, of concern. Full details of our information packs are with ‘services’ on this website.

Your solicitor should have explained a little of how the finances in leasehold work. If they have not done so, we have independent help, click below to get the information you need. Provided by the Leasehold Advisory Service they go into significant details without being too technical.

Understanding your lease

Living in Leasehold Flats

Once you have purchased your flat, we have annual meetings, to which you are entitled to come and ask questions. An accounting and property report is presented to keep you updated as to how closely we have kept costs to budget and if not, what occurred to cause this.

In our experience these reports are a mix of costs kept well within budget to those which could not and in this case, we explain why. If there is an overall surplus, this will either be given back to you proportionately or put into your sinking fund – either option depending on your lease.

If you are the director of a Resident Management Company or Right to Manage company, you are welcome to contact any one of us. There are many reasons that RMCs or RTMs look for a managing agent to take the day to day issues, but the main one is that they often don’t have the skills or time to manage a building as well as pursue a career. Even retired clients want to enjoy their retirement without being faced with all of the issues which come with property management.

We understand their reasons and can help.

Finally it is important to stress here, that 2 Rivers does not have a financial, corporate or personal relationship with our colleagues. Their fees and charges are calculated separately without kickbacks or commissions of any kind.