If you own a flat in a building that has been converted into multiple flats, chances are that you are part of a shared freehold agreement. This means that you, along with the other flat owners, share the responsibility of maintaining the building, inside and out.
A shared freehold maintenance agreement is a legally binding document that outlines the rights and obligations of each flat owner in relation to the upkeep of the building. It covers everything from the repair and maintenance of the roof and external walls to the cleaning and maintenance of the communal areas.
The agreement is an important document as it protects the interests of all parties involved. It ensures that each flat owner contributes their fair share towards the maintenance of the building and prevents any disagreements from arising in the future.
The maintenance agreement will usually cover the following areas:
1. Building Insurance: The agreement will specify the insurance policy that the shared freehold company has taken out to cover the building. It will also outline the responsibilities of the individual flat owners in terms of insuring their own flats.
2. Service Charge: The agreement will specify the amount of service charge that each flat owner is required to pay towards the upkeep of the building. The service charge will cover the costs of cleaning, maintenance, repairs, and any other expenses that are incurred in relation to the communal areas.
3. Repairs and Maintenance: The agreement will specify the obligations of each flat owner towards the repair and maintenance of their individual flat. It will also outline the responsibilities of the shared freehold company towards the upkeep of the communal areas.
4. Alterations: The agreement will outline the conditions under which a flat owner can make alterations to their flat. This will include obtaining the necessary permissions and the responsibility for any costs.
5. Dispute Resolution: The agreement will outline the procedures for resolving disputes between the flat owners and the shared freehold company.
In conclusion, a shared freehold maintenance agreement is a crucial document that ensures the smooth running of a shared building. It is important that all parties involved understand their rights and obligations under the agreement and adhere to them. By doing so, the building can be maintained to a high standard, ensuring that it remains a safe and pleasant place for all residents to live.