Gabriel Star have recently conducted leasehold rent reviews at a large housing association. We believe we’ve added real value and negated possible future problems by making corrections quickly and efficiently.
Shared ownership units often have slightly different leases. A change in solicitor, a merger, acquisitions of stock can all lead to subtle differences in how rent increases are calculated, however in all cases the lease is king. The only way to be certain that rent increase methodology is correct is by checking the lease. This maybe difficult if, like a lot of housing associations, data is incomplete or hard to find.
Should enough tenants complain that their rent has not been increased in-line with their lease, the HCA have, in the past, been quick to clamp down including possible downgrading scenarios.
Gabriel Star act as a dedicated resource in what is often a time consuming but vitally important exercise. We endeavor to find, document and list corrections needed in a clear and systematic way.
Using a dedicated resource is often the best way to provide assurance quickly, and the exercise can be used to garner other information such as the service charge “%” for both property and estate liabilities. The exercise can also be used to note ground rents, and ensure they are being collected. This often covers the cost of the exercise itself.
We are used to reading leases, which are not always written clearly.
We are diligent – reviewing data held on your systems, the land registry, and held at your solicitors efficiently and with an eye on providing maximum value to the service. We’ll check your records first, before reviewing data at the land registry and solicitors in turn.
We are skilled. We’ve been helping housing associations since 2011.
Get in touch today to discuss how we can help.