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. As a shared owner, you are a leaseholder until you own 100% of the shares in your property.
What is a lease?
A lease is the legal document that allows the holder to occupy a property for a specific period of time. It contains the terms of the contractual arrangement, such as what landlord costs can be recharged to leaseholders via a service charge, and 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.
You can tap here to see further information regarding Shared Ownership leases on the Lease Advice website (link opens in a new tab).