We know that lease agreements and documentation can contain a lot of jargon, so we've tried to break it down for you here.
Where a property changes ownership and is placed under a new name.
When one or more of the rules in the lease is broken.
Places/areas used by all residents/neighbours on an estate.
A document showing what you are purchasing.
Rules and responsibilities.
Deed of variation:
Where an error in the original lease is corrected.
Any defective issues found in a new-build house within the first 12 months following its completion.
The legal right of way over your land or someone else’s.
Where we (Plus Dane) repossess your lease following non-payment of rent.
The person/company who owns the land your home is built on.
Where the property is built on land that we (Plus Dane) have leased ourselves.
The government agency that holds records of land ownership.
A document outlining all agreements between a buyer and a seller.
Where you make the length of your lease longer.
The person who has purchased the lease (you).
The owner of the freehold (us – Plus Dane)
A culmination of all of the costs which have to be met by Plus Dane when providing services to you. It also includes a contribution to the office space, etc.
The person/bank lending the money to buy a home.
Mortgage Protection Clause:
An agreement that the mortgage will be paid in full before anyone else received funds following a repossession or
sale of the property.
The person who has taken out the mortgage to buy a home (you).
A brand new property that has just been built.
An agreement with us (Plus Dane) and the Local Authority showing who gets priority for the homes, and
also outlining any local connection requirement.
Notice of charge:
A document that notifies Land Registry of your ownership of a home and details any mortgage on the property.
Notice of transfer:
A document that transfers the ownership of a home to someone else.
A requirement for the owner of a home (once they own 100%) to inform us (Plus Dane) of their plans to sell their home if they have owned their home for less than 21 years.
Where your mortgage lender takes your home from you due to arrears.
Resale (Sometimes called Assignment):
The sale of a shared ownership property by its current owner to someone else.
A limit on the amount of the property you can buy.
A contract between us (Plus Dane) and the Local Authority stating what we can build and what it can be used for.
A charge paid by the homeowner for services provided to the estate.
The procedure of buying further shares of your home.
Term of years:
The length of the lease.
Terms of a lease:
Individual rights and obligations.
A document showing the owner of a piece of land. This is recorded by Land Registry.
Commitment by any party to do something relating to the property.