INFORMATION FOR SHARED OWNERSHIP RESIDENTS AND HOMEOWNERS
Leaseholders buy the right to live in a property for a fixed number of years. Once the lease comes to an end, ownership of the property returns to your landlord, unless there has been an extension to the lease or in the case of shared ownership leases in houses. Purchase 100% of the property and obtain the freehold.
Being a leaseholder has some additional responsibilities, and your lease agreement will set out your rights and obligations in full. A copy of the lease should have been given to you by your solicitor when you purchased your property. Your solicitor should have also explained the main provisions of the lease.
This guide is only a summary of your lease. Your lease is a legally binding document and along with any other relevant legislation, takes precedence over the information contained in this guide.
Your lease is a legal binding contract between you and your landlord and is an important document that describes the property you live in and the surrounding estate (if applicable). The lease gives you rights over the land and / or buildings for a set period. When the period expires, these rights and the property revert back to the landlord unless you successfully apply for a lease extension or purchase the freehold.