Who will be responsible for maintaining the property?
The owner will retain responsibility for structural insurance, structural maintenance and structural repair. The owner will retain responsibility for the payment of the management of company service charge (usually apartments only), and any other charges for which the property owner is liable e.g. Local Property Tax and Non-Principal Private Residence charge.
The local authority or AHB will manage and provide support to its tenants. The local authority or AHB will maintain the property internally for the term of the lease.
Properties will be returned to the property owner in good condition at the end of the lease term, subject to normal wear and tear. In some instances the property owner may agree with the local authority to include an ‘option to purchase’ as a condition of the lease. This gives the local authority the option to buy the property during the term of the lease. Both parties must be in agreement to include this condition and the specific terms can be negotiated.
It will be the responsibility of the property owner to ensure they consult with their finance provider and to get consent to enter a leasing arrangement, if required.
