Leasehold ownership is basically a long tenancy, that is, the right to occupy your flat or maisonette for a set period of time (known as the 'term' of the lease). This period is usually for 125 years and the flat can be bought and sold during the term of the lease. Bassetlaw District Council remains the landlord of the flat/maisonette.
Ownership usually consists of everything within the property including the floorboards, plastering to the walls and ceilings and all items that serve the property alone. Your landlord has responsibility for the maintenance and repair of the building and owns the structure and communal areas including the land it stands on.
What is a Lease?
A Lease is the legally binding document that sets out the responsibilities of both the landlord and the leaseholder. This may include certain conditions on the use and occupation of the property.
When a lease is sold, the seller assigns all the rights and responsibilities of the lease to the purchaser together with any future service charges that have not been identified and may also include charges due that have not yet been paid.
Thinking of Buying a Leasehold Flat?
If you are considering buying a Council-owned leasehold flat or maisonette please ensure that your solicitor explains the details of the lease clearly. Although Bassetlaw District Council will be pleased to answer any queries we would always advise you to ensure that you seek professional, independent advice before you go ahead with the purchase either on the open market or through the ‘Right to Buy’.
Last Updated on Thursday, August 13, 2020