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Remove Value Choice into the Standard Residential Lease Agreement

Remove Value Choice into the Standard Residential Lease Agreement

Aug 6th, 2022

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

Is marriage value going to be abolished?

If you are a leaseholder, you cannot change the lease terms without agreeing such change with your landlord. The reason for this is that as the lease is a contract between two parties, the leaseholder and the landlord, both parties must agree to change (referred to also as variation) of the terms of the lease.

What is the leasehold Reform Act 2023?

Yes and no. If you own a leasehold property, you will usually be free to do more minor works, including painting, decorating, and kitchen and bathroom refits. However, for more major alterations such as installing windows or making other structural changes you will need to check your lease to see if you are allowed.

Is it worth buying leasehold?

With a leasehold, you own the property until the lease ends. At that point, ownership of it reverts to the freeholder. As long as the lease is long, meaning you can easily resell your leasehold, they can be an excellent investment.

Why is it called marriage value?

While the name might draw up connotations of weddings and nuptials, marriage value is a term used to refer to the value of a leasehold property. It specifically refers to the difference between a leasehold propertys value before and after the 80-year lease is extended.

Can you sell a leasehold property?

A leaseholder can sell a property, albeit with the original lease agreement remaining in play. Essentially what happens is that when a leasehold property is sold, the lease is then passed on to the new leaseholder, who in turn must adhere to the commitments and principles laid out within.

What happens at the end of a leasehold?

You only own a leasehold property for a fixed period of time. Youll have a legal agreement with the landlord (sometimes known as the freeholder) called a lease. This tells you how many years youll own the property. Ownership of the property returns to the landlord when the lease comes to an end.

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