Security

In nearly all matters where money is being borrowed or lent, security over assets will be required. Security gives the lender the comfort that, in the event the borrower cannot repay the loan, the security can be enforced and the lender can recover the outstanding loan. The most well known example of such security is probably where a residential property is purchased using a bank loan, and as security the bank is granted a mortgage of the purchased property. In business, it is common for entities such as limited companies…

Service charges payable under leases

What is service charge? Essentially service charge is a payment made by the tenant to the landlord for costs that have been incurred in relation to services provided to the property. Charges may include costs associated with general maintenance, repairs, insurance, community central heating, lighting, cleaning of the common areas and gardening/landscaping. As a landlord am I obliged to provide services? This is subject to what the lease provides. Some leases will specify services that the landlord is required to provide. Others will mention which services the landlord may provide…

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