| As
a leaseholder, you have bought the right to live in your property
for a fixed number of years - initially up to 125 - called
the 'term'. Although the term is fixed at the start, it decreases
every year until it expires and the ownership of the property
returns to us, unless you apply to extend the lease.
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As a leaseholder, you will normally own and
be responsible for everything within the four walls of your
property, with the exception of pipes and drains that also
serve other properties. As your landlord (or 'freeholder'
or 'lessor'), we remain the owner of the overall building
and the land it stands on and remain responsible for the maintenance
and repair of the structure and exterior of the building.
There are two ways you can become the leaseholder
of a flat where the council is the freeholder:
1. through the right to buy. This gives most
existing council tenants the right to buy the property they
live in at a discounted price which is based on how long you
have been a tenant in the public sector (local authority,
housing associations etc); or
2. by buying the lease from the current leaseholder,
who may or may not have originally bought the flat from us.
In both cases, you should get a solicitor
or other suitably qualified person to act for you.
As the lease agreement is legally binding
on you, it is important to understand its requirements and
the charges you will be expected to pay. If you are buying
the lease from existing leaseholders, your solicitor or adviser
should make sure they have paid all the amounts due from them
before the sale. If not, you may have to pay some of the charges
they owed.
If you buy the flat from an existing leaseholder,
you should tell us straightaway, as we have a right to know
who is responsible for the property. We will then register
your interest in the property.
If you are the new owner, you will have to
pay us a fee to register the transfer of the property to you
and to record any interest that the bank or building society
granting you a mortgage has in your property.
Leasing
| Drafting
a Lease for Your Rental Property | Change
the Terms of a Lease |
Negotiate
an Apartment Lease | What
is a leaseholder | Business
property lease |
Contents
of a Lease | Manage
Rental Property
|
