Lease Agreement
All leasehold properties will have a lease agreement; this is a contract granting occupation of a property during a specified period in exchange for a specified premium. The lease is a binding contract, enforceable in law, which contains both your rights as a leaseholder and the Council’s rights as the freeholder.
As a leaseholder you have bought the right to occupy the flat for a fixed number of years – initially, up to 125 years. The Council as the Freeholder still owns the building in which you live, and is responsible for looking after the structure, exterior and common areas of the block. The lease document sets out the terms and conditions specific to your property. You should get a solicitor to look at it when you buy the lease, so that you understand your rights and responsibilities in full.
Frequently Asked Questions
+ What is a lease agreement for?
The lease contains information about your financial responsibilities and covenants you must comply with.
+ Where can I get a copy of the lease agreement?
+ How do I get support in understanding my lease agreement?
+ Does a lease agreement get updated or can the terms on the lease agreement be amended?
We highly recommend seeking independent legal advice if you are looking to have the terms of your lease agreement amended.
+ Can I extend the number of years remaining on a lease?
+ Can I sell my leased property?
If the flat was purchased via Right to Buy within the last ten years, you will need to first offer it back to the Council before placing it on the Open Market.
If you purchased the property from the Open Market, it is likely there are no Right to Buy restrictions. It is important that if you are selling your leased flat, you make the Council aware.
+ Does the lease permit lodgers or sub-letting my property?
To enquire about sub-letting your flat, please contact Leasehold Services in the first instance. If you do sub-let your leased flat, it is important that you provide your correspondence address and up to date contact details.
+ Does the lease allow for pets at my property?