Lease common terms

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

Common terms found in your lease
Your lease is a legal document, so it uses legal terms. Some of the more common terms are explained here:

Lessee
Is you, as the owner of the leasehold for your property.

Lessor
Is Gateshead Metropolitan Borough Council, who owns the freehold of your property. The Gateshead Housing Company manages the freehold on behalf of the council.

Sub-lessee
The person to whom you grant a lease or tenancy – ie your tenant.

The building
The building or block of which your property is part.

The flat (sometimes called the demised premises)
This is your property – ie the flat number and building name.

Fixtures and fittings
This refers to all the non-structural items included in the purchase of a property, such as kitchen and bathroom units, light fittings and worktops.

Financial year or accounting period
The period from 1 April in each year to 31 March in the following year.

Term
The length of time the lease has been purchased for – 125 years for Gateshead Council properties purchased under Right to Buy.