Information About Leasehold Homes What is leasehold? To put it simply, leasehold ownership is a long tenancy. Your lease will provide you the right to inhabit and use the home for a longer period - or the 'term' of the lease. The term of the lease will be fixed at the start, reducing in length each year. Therefore, if it were not for inflation, the worth of the flat would decrease over time up until the ultimate expiration of the lease, when the flat go back to the property manager, although this goes through some rights to remain as a tenant in specific situations. The property manager can be a person or company, consisting of a housing association or local authority. The leasehold ownership of a flat typically associates with everything within the 4 walls of the residential or commercial property, including floorboards and plaster to walls and ceilings, however does not usually consist of the external or structural walls. The structure and typical parts of a structure, as well as the land it stands on, are typically owned by the freeholder, who is likewise the proprietor. The freeholder is accountable for the maintenance and repair of the building, with expenses for doing so being recoverable through the service charges which are billed to the leaseholders. When referring to the leasehold ownership of a home, this typically associates with the entire building - both internal and external - and can include a garden and/or driveway. Typically, the leaseholder of a home would be responsible for the repair and upkeep of the entire structure. What is a Shared Ownership lease? For those who are unable to purchase a home on the open market, Shared Ownership enables buyers to purchase a portion of a residential or commercial property while paying lease on the remaining share to a property owner.