Which means it’s up to you, the leaseholder, to challenge the terms that don’t suit you. And as the landlord has an army of commercial property consultants at his disposal, he’s probably not too worried about that.
If scouring acres of small print is your idea of fun, then go ahead. (Enjoy!) But if you prefer to live your life and leave the mind-numbing mumbo-jumbo to the professionals, you really should talk to your property consultants.
It’s vital that you understand your lease conditions before you buy. These are questions like:
• Will you have to pay ground rent?
• What service costs are you expected to pay?
• Will you have to pay into a reserve fund for future building works?
• Is the property subject to conditions of use (eg commercial or residential restrictions)?
• What obligations does the landlord accept?
With so much at stake, you can’t afford any grey areas. So ask your property consultant to look through your contract and pick out all the gremlins.