What is your 'Lease'?

Your lease is a legal document which explains your rights and responsibilities as a leaseholder/ lessee and the relationship between you and the freeholder/ lessor (RHP) of your home. Your solicitor should have explained the lease before you purchased your home.

07/06/2010

Your Lease explained

Your lease is a very important document. It forms the contract between you and RHP. Leasehold ownership of a property is legally a long tenancy which gives you the right to occupy and use the flat for a long period known as “the term” of the lease. Leases are commonly given a 99 or 125 year term and during that time the flat can be bought and sold. The term is fixed at the beginning and so decreases in length year by year.

Your lease will usually give you responsibility for everything within the four walls of the property, including floorboards and plaster to walls and ceilings. It does not usually include the external or structural walls or the common parts of your block or your estate. The structure and common parts of the building and the land it stands on are usually owned by RHP and we will be responsible for maintenance and repair of these areas. However, you will be legally required to pay a share of all costs relating to the parts.

A plan will be attached to your lease. This shows the boundaries of your home and the building that includes it. There may also be another plan to show the areas for which you will pay a share of estate maintenance costs. The lease contains legally binding responsibilities both for you and for RHP. There are also some laws which ensure you have information and are consulted before major works are carried out.