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Aug 27, 2024 · What Does Lease Mean? A lease outlines an agreement between a lessor and lessee that dictates a rental period and other housing-related stipulations. As a rule of thumb, a lease agreement covers an extended period known as the “term” and typically lasts one year.
Jun 23, 2022 · ‘Leasehold’ means you own the right to occupy a property for a fixed number of years, typically 99 years or more. It is used for properties bought through Shared Ownership or Right to Buy....
- Leasehold is a type of long-term tenancy; it is not the same as outright ownership. When you ‘buy’ a leasehold property, you do not become the owne...
- Is it leasehold?The seller, estate agent or developer must tell you if the property is leasehold. They should disclose what this entails, including...
- Take legal adviceWe recommend seeking independent legal advice from a solicitor. A conveyancing solicitor will act on your behalf to seek informati...
- How much does it cost?Leasehold property will involve on-going financial obligations. As with any long-term financial agreement, you must ensure yo...
- Your landlord must:Provide contact informationThe landlord must provide their name and address on every demand letter that asks for ground rent and...
- Leasehold legislation has been altered and added to over time to give leaseholders a broader range of legal rights.Leaseholders can challenge their...
- What to do if:You are having financial problems, or are falling into ground rent or service charge arrearsSpeak to your landlord or managing agent...
- To find further information, advice and support Association of Leasehold Enfranchisement Practitioners Citizens Advice Government webpages on lease...
Leasehold tenure has received much negative attention over the years, so the Government has introduced changes that'll make it cheaper to extend a lease – plus ground rent on new leases is now banned. This guide explains what leasehold is, how it's set to change, and what to do if something goes wrong.
Home. > Leasehold Library. > A guide to understanding your lease. By Alan Draper | Jun 2020. All leases have their unique characteristics and, as the First Tier Tribunal often proves, can be interpreted in different ways. The scope of this document is to explain to the reader the core structure of leases.
Overview. You only own a leasehold property for a fixed period of time. You’ll have a legal agreement with the landlord (sometimes known as the ‘freeholder’) called a ‘lease’. This tells you how...
- You only own a leasehold property for a fixed period of time. You’ll have a legal agreement with the landlord (sometimes known as the ‘freeholder’)...
- Your responsibilities Your lease will tell you what conditions you’ve agreed to, for example: if you need permission to make alterations how much y...
- Service charges Your lease sets out the way the service charge is organised and what can be charged. If you pay a service charge, you have the righ...
- Extending the lease You can ask the landlord to extend your lease at any time. You might be able to extend your lease by: 90 years on a flat if you...
- You can ask the landlord to sell you the freehold at any time. There are different legal steps and rules depending on whether your home is a: flat...
- You may be able to change the management of your building if you’re unhappy with the way it’s being run and you live in a leasehold flat. You can e...
- There is a different dispute process in Wales. You can use a mediation service to help you and your landlord come to an agreement if you are in dis...
If you are thinking of buying a property, it is important to know this from the start. The value of your property reduces as the term (number of years remaining) of the lease gets shorter. If the lease runs out, the flat becomes the property of the landlord.
Leasehold means that you just have a lease from the freeholder (sometimes called the landlord) to use the home for a number of years. The leases are usually long term – often 90 years or 120 years and as high as 999 years – but can be short, such as 40 years.
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