Buying & Selling

This section is intended to explain various matters contained in the lease with that aim of clarifying the required legal work associated with the transfer of the leasehold interest.

Please note ALL communication should be made to our Managing Agents who will be able to advise vendor's solicitors and answer any questions they may have.

All property on the estate is leasehold. The original term of this lease was 99 years from 1969 but there are a number of leaseholders that have now extended this term. All enquiries regarding the terms of the Lease should be taken up with the Lessors agent Vavasour.

The lessors

The original Lessors were - as mentioned in the lease - SECOND LAND HOLDINGS LIMITED of 1260 London Road, NORBURY, LONDON 5W16 4EG. In late 1985 the freehold interest in the estate was purchased by PEPPERCORN PROPERTY INVESTMENTS LIMITED of 78, Hanover Road, London, NW1O 3DR.

Ground rent

Ground rent is payable to the Lessors, PEPPERCORN PROPERTY INVESTMENTS LIMITED. All matters relating to the payment of Ground Rents should be directed to the Lessor's Agents, Vavasour Property Consultants, 78 Hanover Road, London, NWI0 3DR. (telephone 020 8451 7672). The amount of ground rent payable and the date of the payments are quoted in Clause 5 of the lease.

Insurance

Owners of two-bed Maisonettes are responsible for payment of their own building insurance of both the main property and the associated garage. For one-bed flat owners the service charge includes all building insurance premiums.

Vavasour Property Consultants have advised us that if you are a pensioner over 65 you can apply to receive a 20% discount on the standard premium rate.

Membership of the management company

As mentioned in the Lease, all Lessees must be a shareholder of the Teddington Grange Management Company. This is affected by the purchase of ONE 'A' Share of a value of £2.00 which would normally be purchased from the vendor of the property.

To effect this share transfer, the following items should be sent to the Company Secretary:

a) THE ORIGINAL SHARE CERTIFICATE issued to the Vendor.

b) STOCK TRANSFER FORM. The security to be transferred should be described on this form as ONE 'A' Share of a value of TWO POUNDS (£2.00). The consideration money is £2.00 - which should be paid to the Vendor. This transaction is subject to STAMP DUTY, which must be attended to prior to submitting the Stock Transfer Form to the Company.

A Share Certificate will be issued when all other formalities required of the Lease have been correctly completed.

If buying onto the estate for the first time your Solicitor will arrange for a new share certificate to be issued.

Service charges

Service Charges are levied be the Managers in accordance with the terms of Clause 5 of the lease, and are payable in advance. The total sum due each year is normally levied in TWO equal instalments, the first payment being due on the 15th January of each year covering the period 15th January to 14th July. The second payment is due on the 15th July, and covers the period from 15th July to the following 14th January.

Service Charge invoices are normally delivered to each property by the managing agent some three weeks in advance of the due date for payment. As it is not the Company's practice to make refunds of service charge payments, these invoices contain a specific notice to those who intend to sell their property during the period covered by the charge that a RECEIPT for a payment should be sought.

ANNUAL service charge payments:

	SERVICE CHARGES		2002/03		2003/04		2005/06		2006/07
	General Service charge: (applicable to all properties)		£440		£550		£650		£700
	Additional service charge: (for 'walk-up' One-Bedroom Flats)		£280		£300		£300		£300
	Totals for year (1-bed):		£720		£850		£950		£1000
	Totals for year (2-bed and Maisonettes):		£440		£550		£650		£700

The above charges are reviewed every year. In view of the increased costs of maintaining the Estate, the TGML Directors have agreed to increase the General Service Charge each year as necessary.

Service Charges are payable in advance. They are levied by our Managing Agent in two equal instalments each year, the first payment due on the 15th January covering the period 15th January to 14th July. The second payment due on the 15th July covers the period 15th July to the following 14th January.

Additional charges are sometimes levied on individual properties to cover any extra collection costs incurred (see Clause 9(vi)(b) of Lease).

Please note that the increase in 2001 was to fund the work of our managing agent. The use of a managing agent was forced on us by the dwindling number of people prepared to give some of their time to support the running of management company which had successfully and independently run the Teddington Grange Estate since it was built in 1969.

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Page last amended: Tue 04 May 2010