Leaseholder

Leasehold ownership is simply a long tenancy - the right to the use and occupation of a flat for the remaining period of the lease. The flat can be bought and sold throughout the term of the lease. Leasing of the flat relates to everything internal within the four walls of the property, including floorboards and plaster to the walls and ceilings, but does not include the external or any internal load bearing walls (not beams and joists, windows and doorframes). The structure and common parts of the building, and the land that it stands on, are owned by Trafford Housing Trust who, as landlord, is responsible for the maintenance, repair and improvements to the structure and common parts of the building and land.

A lease is a contract between the leaseholder (you) and the landlord giving ownership of the flat for a fixed period of time. Trafford Housing Trust's leases are generally for a period of 125 years. The lease is an important document and leaseholders should have discussed the terms and conditions of the lease with their solicitor when they bought the flat. The lease sets out the obligations of the two parties: what the leaseholder (you) has agreed to do, and what the landlord is bound to do.

Your lease will specify;

• Who is the ‘Lessee’ (leaseholder or tenant). This will be the name of the original purchaser of the flat - and any subsequent purchasers who take over the remainder of the lifetime of the original lease.
• Who is the ‘Landlord’. This will be either Trafford Borough Council or Trafford Housing Trust (who have taken over the landlord ownership and responsibility from 15th March 2005).
• The ‘Flat/Demised’, a description and/or plan of the flat and curtilage (land).
• The ‘Building’, a description of the building and grounds in which the flat is situated. This is the basic unit for all service charge costs.

You will have to pay ground rent, insurance and a contribution towards the costs of maintaining and managing the building (the service charge). You will also have to keep to a number of conditions on the use and occupation of the flat.

It is difficult to change the conditions of the lease after you buy, so make sure you understand your lease before you purchase.