What is a lease, and what is a leasehold?

What is a lease?

When you buy your property 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 (Bolton at Home's) rights and responsibilities.

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.

Whilst we have tried to include as much information as possible, we are not able to cover everything that may arise and you may well have queries that are not answered here. If so, please contact us and we will endeavour to help in whatever way possible.

This is just a guide and doesn’t replace your lease. You can tap here to see further information regarding Shared Ownership leases on the Lease Advice website (link opens in a new tab).

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 are my rights and responsibilities as a Shared Ownership owner, and what are yours as Bolton at Home?

The bullet points below highlight the main responsibilities for the shared owner and Bolton at Home. Please refer to your lease for your exact responsibilities.

Bolton at Home is responsible for:

  • Arranging building insurance**

You are responsible for:

  • **Paying the building insurance contribution
  • Keeping your home in good repair and condition
  • Having your gas regularly serviced and tested
  • Not sub-letting your home
  • Not causing annoyance or inconvenience to neighbours
  • Not carrying out any trade or business from your property
  • Not making any alterations/improvements to the property without consent from Bolton at Home
  • Paying any rent and/or service charges
  • Using your home as a single private property for residential use only
  • Insuring the contents of the property.

I think my Shared Ownership property has a repairs issue (within the first 12 months). What should I do?

If you have any issues with repairs to your property within the first 12 months please contact 01204 329922 to check if it is covered by the defects warranty.