Tenure
What is a lease? 
A residential lease is a tenancy agreement for a term of 21 years or more, which gives the leaseholder the exclusive right to live in a property for a set term. A lease is a specific type of contract called a deed.
It sets out the terms of the contract between the landlord and the leaseholder. It is very
important that you have read and understood your lease, as once it is signed it cannot usually be
changed and you are bound by its conditions whilst you own the lease.
What is a leaseholder? 
A leaseholder is a tenant who has a particular type of tenancy agreement, called a lease. This means they have the right to live in the property for the period of the lease. Under the lease, you will have the exclusive right to live in your home, as long as you meet the terms and conditions set out in the lease.
This provides the resident more security than renting privately and an exchangeable asset which might accrue value. However, it is important to be aware that as the remaining term of the lease decreases this can affect its value and might require a lease extension.
Shared Ownership? 
A shared owner purchases a leasehold house or flat, buying a percentage of the full equity and paying rent on the portion that they do not own. The responsibility for maintaining the home or paying the service charge is not shared. The shared owner must pay the full cost of maintaining their property and pay the full service charge like any other leaseholder.
What is a Freeholder? 
Unlike a leaseholder, the freeholder of a home will own their property outright, so they are
usually responsible for the repair and maintenance of the property themselves. Houses can be freehold or leasehold, but flats are generally leasehold.
A leaseholder will have a freeholder as their landlord who would be responsible for the repair and maintenance of the exterior and common parts of the building. If your block also has an intermediate lease this could mean that your landlord may be different to your freeholder.
Where can I find a copy of my lease?
Your solicitor should have given you a copy of your lease when you bought your home and advised you of its contents as well as your commitments. If you have a mortgage, you can get a copy of your lease from your mortgage lender. Alternatively, the Land Registry will hold a copy which you can get from www.landregistry.gov. uk. You will need to pay a fee for this.
