A leaseholder is someone who has purchased the lease of a flat, apartment or a shared ownership flat, house or apartment from the landlord (Community Housing), to use and occupy their home for a long-term period which decreases year by year.
If the lease is sold then the buyer takes on the remaining period of the lease and when the lease expires, then the property reverts back to the landlord (Community Housing).
What is a Freeholder?
The freeholder (or Community Housing) owns the land the property is built on and charges the leaseholder ground rent.
What is a Lease?
A lease is a legally binding contract which establishes the rights of the leaseholder and the rights of the landlord/freeholder. It protects both parties by letting each know their terms and conditions, and rights and obligations. It is an important document and must be kept in a safe place.
What is a Shared Owner?
A shared owner is someone has bought a share of a house or apartment, whilst renting the remainder share.
As with many legal documents, it may be difficult to read and understand, so always seek legal advice, if necessary.
For further details on the conditions associated with each type of lease, please click on the relevant button below.
Service Charge Payments
To make service charge payments (finance team) Tel: 01562 733007