A large proportion of properties in England and Wales are owned on a leasehold basis. A landlord owns the building which is divided into units. These units are then rented out to individuals (leaseholders or tenants) for long periods of time. The agreement between the landlord and the leaseholder is known as a lease. The lease sets out the terms of occupation and sets out rights and obligations which both parties must comply with. It gives the leaseholder a right to occupy a unit for a set number of years, which decreases every year. It is also possible to have leasehold houses where a landlord owns a large estate and rents out houses.
Each flat will be owned on a leasehold basis, granting a right to use the flat. It will also grant rights to use any communal areas. Traditionally, the landlord will retain control and management of the whole building and the leaseholder will contribute regularly towards the upkeep by way of a service charge.
Our team is actively involved with the leasehold government reforms and we have years of experience dealing with the existing system. We can advise on any leasehold matter, including: