Repair Responsibilities For Leasehold Properties: What You Should Know
Generally speaking, when it comes to owning a property, you’re generally responsible for any repairs that are required on the property. However, when it comes to having a leasehold on your property, for example an apartment in which a freeholder owns the land, it can be a bit more complex.
Below you’ll find a full guide to the responsibilities if you’re a leaseholder when it comes to repairs…
When taking out a lease, it will often be written into the contract what you are responsible for. This will usually be maintaining and repairing what is on the inside of your home.
- Internal Decoration
- Furniture and any appliances, such as white goods
- Internal plumbing and wiring
You will be required to pay for the repairs that fall into these categories. However, you may also be required to pay for freeholder responsibilities (see below) if a particular repair isn’t covered by insurance. This has often been the case with cladding over the last few years and sees all leaseholders on the land pay a share of the total cost. As well as cladding, this could be things such as a worn-out lift.
A freeholder is responsible for any repairs that aren’t internal to your home. This includes:
- The structure of the building, such as roof and guttering
- Communal areas of the building, including stairwells, gardens and lifts
If there are repairs that need making that fall into these categories, a leaseholder should raise this with the freeholder, who must then complete the repairs within a reasonable timescale.
These repairs are usually covered by insurance, although as stated, a freeholder can often request that leaseholders chip in on some costs. Some freeholders will set up reserve funds in which leaseholders pay a monthly fee which then contribute to major repair works.
What Happens If You Can’t Afford The Repairs?
In some cases, leaseholders may find they can’t afford the repairs, particularly on major damage and may find they are required to sell. Cladding issues have been a big contributor towards this in recent years, with many developers being reluctant to fork out the fee for new cladding themselves.
That’s led to many putting their homes on the market, which struggle to sell due to dangerous cladding. However, we can help at Fast Cash Property.
We’ll buy a home in any condition and can provide you with a cash offer so you don’t get caught up in a chain.
We work to suit you and you can find all you need to know about our buying process by clicking here. Alternatively, a member of our team is always willing to help, answering any questions you may have about selling a home in need of repair work.
Visit our Contact Page for all the options on how you can get in touch with us today!