A leasehold property is one which is owned for a fixed pre-agreed period of time, with a legal agreement set with the landlord (or freeholder) to define how long your ‘lease’ will be valid. Once this period comes to an end the ownership of the property defaults back to the landlord.
During your period of ownership you may wish to update your lease agreements, which may include an extension, an alteration, or termination.
A request can be made to extend your lease at any time during your tenancy, with options being as high as 90 years for a flat, or 50 years on a house, if you quality. The Bannister Preston Solicitors LLP Conveyancing service can provide further legal support should you require assistance.
Negotiating a ‘variation to lease’ can be considered. You may find your landlord/tenant agrees to your requested alterations, though Tribunal services are available should you be unable to find a mutual ground.
A lease can usually be terminated with the provision of at least one months written notice. Though an eviction through lease termination is rare, circumstances do exist in which a landlord will be able to ‘forfeiture proceedings’.
Q: What happens when my lease runs out?
When your lease expires, your tenancy will continue on the same terms unless decided otherwise by either party.
Q: What are my Leaseholder rights/Landlord responsibilities?
As a lease holder you maintain certain rights, including;
- the recieval of information on surchanges or insurance, including the ability to challenge certain charges (circumstances dependant)
- knowing the freeholder’s name and address
Q: What are my Leaseholder Responsibilities/Landlord rights?
As a lease holder you also maintain certain responsibilities, including;
- requesting permission to make alterations
- contributing to property maintenance costs
- responsibility for repairs, etc
Bannister Preston Solicitors LLP is a proud member of the Law Society accredited Conveyancing Quality Scheme, which gives you complete peace of mind that we meet and adhere to the high standards required by the Law Society. For further leasehold support please contact us today.