A lease is a contract between the shared owner (leaseholder) and the landlord, giving conditional ownership for a fixed period. It is an important document and you must ensure that you have a copy and that you understand it.

It is difficult to change the conditions of the lease after you buy, so make sure the services described in the lease are those you want or can accept.

The lease sets out the legal obligations of the two parties: what the shared owner has promised to do, and what the landlord has promised to do.

The shared-ownership lease contains the following sections:

• A description of the property, including its boundaries; the parts that are your responsibility; and the parts that are the landlord’s responsibility.
• The amount of rent that you must pay when the lease starts and how the landlord will review this amount.
• Building insurance arrangements.
• How you can purchase more shares in the property.
• How you can sell the property.
• Details of your and our responsibilities under the lease.

Your rights and responsibilities include the following:

• To pay the rent.
• To keep the building insured against loss or fire

• To repair and maintain all parts of the property and the fixtures and fittings and to meet the full cost of this.
• To keep the property in a good state of repair.
• Not to alter the structure of the property without our permission.
• To give our representative access after we have given you reasonable notice, and in emergencies.
• To get our permission before you assign (re-sell) the lease to someone else or sublet the property, and to allow us to nominate the new purchaser.
• Not to cause, commit or allow any form of harassment, nuisance or other anti-social behaviour.
• To enjoy your rights in accordance with the lease and as set down in law.

Our rights and responsibilities

• To allow the leaseholder quiet enjoyment of the property
• To ensure that the leaseholder receives their rights in accordance with the lease and as set down in law.