When you purchased your home you became the leaseholder. Home is the landlord and the lease is the legal document that sets out the rights and responsibilities of both the leaseholder and the landlord. It also contains specific information relating to the property and development that you have moved into.
The lease contains:
- the purchase price
- the boundaries of the property that you now own including parking spaces
- the rent and service charge
- details about buying more shares and selling the property.
It also outlines what commitments you have made, in addition to Home’s obligations.
Your responsibilities include:
- paying the rent and service charge on time.
- carrying out repairs in order to keep the property in good condition.
- seeking permission before carrying out alterations.
- obtaining permission to sublet all or part of your property.
- greeing to a list of rules, known as covenants. car parking.
Home’s responsibilities include:
- maintenance of communal parts.
- maintenance of the building’s structure (flats only).
- providing information on the service charge and rent.
- collection of the service charge and rent.
- insuring the building.
If you do not comply with the terms of your lease, you could risk losing the right to live in your home. We will offer advice where we can, or refer you to some of the agencies listed at the back of this handbook for assistance, where appropriate.
You should also make sure that you are familiar with the terms of your mortgage. This will explain your additional responsibilities towards your mortgage lender (bank or building society).