Legislation protects residential tenants from excessive service charges. Before entering into contracts to provide services or carry out works relating to residential properties, you should consider whether you need to consult with your tenants. If you fail to consult when required, you will only be able to recoup the statutory maximum, without dispensation from the Leasehold Valuation Tribunal (LVT).
As a leaseholder of a flat or a house, you currently own a depreciating asset and as the term of your lease gets shorter the value of your property diminishes relative to its length and this can mean that your property is less marketable as a result as some mortgage lenders require that a lease must be of a minimum length before they are willing to fund a purchase.
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