Leaseholders (those who live in a leasehold property) are usually required to pay a service charge. This goes to the freeholder or their managing agents and is to pay for the general maintenance of the entire building as well as regular expenses such as cleaning of communal areas.
See Viewing Properties and Making Offers for a full explanation on service charges and the nature of leaseholds.
I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!
This book is my collective knowledge and experience that I have gained working within the property market of England and Wales for over a decade. I've written it so that you can benefit from what I have learnt whether you are a first time buyer or a budding buy-to-let investor.
There are no gimmicks here and no get rich quick schemes - just practical no nonsense advice so you can buy the property you want at the best price with the least stress.
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