What is a lease?

A lease is a right to ownership for a period of time (often 125 years) and is the method of ownership used for flats. It is a right which can be sold or passed to your heirs. You own the flat for the period of years specified in your lease but you do not own the common part, although you will have rights over them and obligations in respect of them.

The lease itself is a legal contract between you – a “leaseholder” – and Daventry & District Housing- a “landlord”. The lease gives details of all the rights and obligations that you have with your property.

The wording of the lease can be difficult to understand, and many leaseholders do not have a copy of their lease to hand because it is held by their mortgage company.

You can find more information in our guide to leaseholds leaflet.