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The lease

A shared ownership lease sets out legal responsibilities

The lease is a legal agreement between you and Stroud District Council.  It sets out the rights and responsibilities of Stroud District Council (landlord) and the owner of the house (as a shared owner and leaseholder).  The lease gives you a long term interest in your home (called the leasehold), but we own the freehold and the land on which the house is built.

When you bought your home, your solicitor should have explained the terms of the lease and the responsibilities you were taking on.  You should also have received a copy of the lease which you should keep in a safe place, as it is a legally binding document.

If you bought your house from new, then your lease will probably be for a period of 125 years and it will have your name on it.  If you bought the property from someone else, then you should have received a copy of the lease and a copy of the Transfer Deed from your solicitor confirming that you have purchased the lease for the remainder of the term.  Please note that the original owners name will remain on the lease itself.

You can get further advice on leases from the Leasehold Advisory Service at www.lease-advice.org.

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