Q: What is a leaseholder?
A: A leaseholder is someone who owns a lease but does not own the land surrounding their home or the building that their home is in. If your home is a maisonette it will be part of a larger building which is divided into individual units. There will usually be another property above, below or next to yours, but still within the same building. Willow Park Housing Trust owns the land and the building that your home is in and is the freeholder of your building.
Q: What is a lease?
A: The lease is a legally binding contract. When you purchased your flat or maisonette under a long lease, you bought the right to live in the property for a fixed number of years, usually 125 years. If you bought your home on the open market, the seller will have transferred their rights and responsibilities to you under the lease for the rest of its term. The lease sets out the terms on which the landlord allows the leaseholder to occupy and enjoy the property described in the lease, provided that you comply with the terms of the lease. By purchasing a lease you have a financial interest in the property.
Q: What is a lessee?
A: A person who leases a property from its landlord.
Q: What is a lessor?
A: The landlord of a property who leases it to another person.
Q: What is the lessor’s covenant?
A: This covers how the landlord will manage the property.
Q: What are common parts?
A: These are the areas which are shared with other residents and include entrance areas, corridors, lifts, staircases, bin stores, communal gardens and any other parts within the block and outside which are intended for the use of the residents of that block.
Q: What is yielding and paying?
A: This is your agreement to pay your ground rent and service charges within a specified period.
Q: What is assignment?
A: This is the sale of the lease to another person.
Q: What is the block?
A: This is the building in which your home is located. All leaseholders are responsible for paying a share of the running and management costs for the block.
Q: What is a breach of covenant?
A: This is the term used when a duty set out in the lease is broken.
What are consents? This is the written permission leaseholders require from the landlord when they are considering making alterations or additions to the property.
See the glossary of terms for more leaseholder terminology.
Find our more by contacting your Leaseholder Officer on 0161 946 9544 or email email@example.com