Your Rights as a Leaseholder
If you own a leasehold property
If you own a leasehold property you will have a lease, which is effectively a contract that gives you the right to occupy and use your property (usually a flat but in some cases a house) for a certain period of time.
The lease is of a predetermined length and will eventually expire, unless remedial action is taken to extend it. The actual building that houses a leasehold property is owned by the freeholder or freehold company who/which is entitled to take back the keys of that property once the specified time period has elapsed.
In reality, this day seldom comes because circumstances will force the leaseholder to do something about the diminishing lease and there are certain rights to remain in occupation paying a market rent for the use of the property. However, in theory, the property will revert to the ownership of the freeholder or freehold company, sometimes referred to as the ‘reversioner’ as a result.
Leasehold enfranchisement legislation implemented from 1967 to 2014 has made it progressively easier for owners wishing to purchase their freehold (collectively with fellow leaseholders), extend their leases (individually) or exercise the Right to Manage their buildings (collectively).
Despite the publicity surrounding leasehold in recent years, leasehold as a topic is one that many consumers and even some property investors in England and Wales still do not fully understand, such is the complexity.
ALEP is committed to raising awareness in the wider industry and to consumers, and ensuring that clients of our member firms receive both the information and support they need, as well as a thorough, quality service.
Find a Practitioner
ALEP was set up in 2007 in response to concerns raised by owners of leasehold properties who wanted reassurance that the people they were dealing with were reputable. Freeholders also require this reassurance.
- Where you see the ALEP logo you can be sure of a consistently high level of service.
- They must also commit to high professional standards, integrity and quality customer service.
- You can be confident that any firm that is a member of ALEP will be experienced and competent.