Renting And Terminology

With the economic downturn there are many reasons to be more wary with your money, and when investing in flats to rent in London, it is important that good value for money is achieved. Searching for the correct property can be a very time-consuming task that necessitates the help of an estate agent who really know the area. Many business people lack the time necessary to truly search as they would like, so handing over the reins to a company can really help. The only problem with this is trust, so finding a company that has a great reputation and a name throughout the housing market will be imperative. There are also many different terms used in the industry which it is vital to know and understand. Having a grasp of these basic, general concepts can help you to narrow your search for flats to rent in London.

Some of the terms that crop up are leasehold, freehold and commonhold. If you are searching for a flat, then the flat will ultimately be owned by the freeholder who is charged with maintaining the place as well as repairs. They own the land and the tenant will typically be sharing with others. Along with other residents, this is the commonhold residence which means that you will pay for the general upkeep of the flat along with all other residents. However, you won’t have to contribute to service charges or ground rents. It is important to get these terms correct so that no confusion occurs, particularly if you are trying to make it absolutely clear to the estate agents what you are searching for in a short period of time. Regardless of your situation it is vital whether you are common, lease or freehold, to access the advice that is right for you.

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