What is a leasehold?
A leasehold is a long tenancy. It gives you the right to use and live in your home for a fixed number of years.
However, we own and are responsible for the land your house sits on. If you live in a flat, we own the structure and any shared parts of the block.
What is a lease?
A lease is the legal document that allows the holder to occupy a property for a specific period of time.
When you buy your home, you become bound by the conditions of the lease. Your solicitor should have given you a copy of your lease when you bought the property and explained your rights and responsibilities, as well as our rights and responsibilities.
It contains the terms of the contractual arrangement, such as what landlord costs can be recharged to leaseholders via a service charge, any restrictions on the leaseholder’s ability to sublet or make alterations.
With regards to the lease, we are the "Landlord" and the leaseholder is the "Tenant".
Your lease is an important legal contract, so please take time to read it and keep it in a safe place. It is important that you keep to the conditions of your lease.
If there is anything in your lease that you don’t understand, you should get independent legal advice. For a copy of the lease, please contact the Land Registry or the solicitor who dealt with your property purchase.