Leaseholder handbook – Glossary

by The Gateshead Housing Company & filed under Owning your home, Owning your home - leaseholder - leasehold handbook, Owning your home - leaseholders.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

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B

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C

Collective enfranchisement – term given to leaseholders acquiring the freehold of the property they live in

Common areas – shared parts of the building, including the structure, facilities and services

Compatible – a similar type of make-up

Compensation – money paid to someone in exchange for something lost, damaged or for inconvenience

Consulting – involving and inviting comments about long-term agreements and major works

Conveyancer – A solicitor who specialises in property

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D

Depreciation – a reduction in the value of an asset over time

Deterioration/deteriorate – the process of becoming progressively worse

Discontinued – no longer available or produced

Disrepair – needing to be repaired

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E

Estate Officer – an employee of The Gateshead Housing Company responsible for managing land and property on specific estates

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F

Forfeiture – losing your home as a result of breaking the legal agreements in your lease

Freehold – legal ownership and control of a building and a piece of land

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G

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H 

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I

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J

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K

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L

Lay person – someone who is not trained in or who doesn’t have detailed knowledge of a particular subject

Legislation – a law which has been created by a governing body

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M

Maisonette – a flat on two levels that is part of a larger building

Mandate – an official permission for something to happen

Market value – the price at which an asset would trade in a competitive auction setting

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N

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O

Obligation – something that someone must do

Observations  comments received in response to a consultation notice

Offer notice – a legal notice advising Right to Buy applicants of service charge and major works limitations

Overcrowded – a property with too many people living in it, relative to its size

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P

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Q

Quarterly – once every three months; four times a year in total

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R

Reinstatement – to make something as good as it was originally

Retrospective – refers to a past situation

Residents Association – organisations formed by groups of people from the same community

Right to Buy – a government-approved scheme that allows council tenants to buy their current home at a discounted price

Rubbish chute – a shared chute residents can access from each floor that takes rubbish to a bin on the ground floor

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S

Sitting tenant – a person with a legal right to stay in a property they are renting

Sleeper wall – a short wall used to support floor joists of a ground floor

Solicitor – Qualified lawyer with extensive training in many aspects of law

Structural wall – a wall that affects the construction of a building as it helps to carry the weight of the floor above

Sublet – to allow someone to rent the property from you

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T

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U

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V

Vulnerable – able to be easily physically, emotionally or mentally hurt, influenced or attacked

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W

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X

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Y

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Z

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See also

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