Demise: The areas of the property where the lease has transferred responsibility to the leaseholder.
Freeholder: The outright owner of the property.
Lease: The contract that sets out the conditions on which you agree to rent a property from us.
Leaseholder: Someone who has a long-term tenancy at a property.
Major works: Larger repair and maintenance projects that are carried out at longer intervals (e.g. external decoration every 7 years).
Nominated contractor: A contractor nominated by a leaseholder at stage 1 of the Section 20 process.
Qualifying works: One-off works that will cost more than £250.00 (including VAT) per leaseholder or a service contract that will last longer than 12 months and/or cost more than £100.00 (including VAT) per leaseholder.
Resale: Selling your leasehold or shared-ownership property to someone else.
Section 20 consultation: The statutory process we have to follow before carrying out qualifying works at a leasehold scheme.
Service charge: The costs leaseholders pay towards the costs of maintaining and providing services to their block or estate.
Shared-owner: A leaseholder who has bought a leasehold interest in a part of a property and rents the remaining part
Sinking fund: An account held in trust by us into which leaseholders pay contributions towards the long-term repair and maintenance of their building. Sinking fund contributions are non-refundable.
Staircasing: Buying additional shares in your shared-ownership home
Subletting: An existing leaseholder lets out all or part of their home via a contract to someone else (who would be a subtenant).
Term: This is the remaining length of the lease when you buy the property and is measured in years.
