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Jargon Buster

Assignment – Transfer of leasehold interest to another party.

Associated works – Works that relate to and are carried out at the same time as decorations.

Apportionment (method of) – The way that the costs of a service area are shared.

Covenants – Legally binding promise

Deed of covenant – A legal document setting out an undertaking, agreement, restriction or permission.

Deed of Variation – A legal document altering the terms of a lease.

Demise, Demised premises – The property owned by the leaseholder as defined by the lease.

Freehold, freehold interest – The landlord's rights to the property.

Ground rent – The rent charged by the landlord to the leaseholder

Improvements – Significant works to be carried out to a property, block or estate but not work that is required to remedy disrepair.

Lease – The legal contract between the leaseholder and the landlord. It gives ownership (strictly tenancy) of the property for a long period of time to the leaseholder. It sets out the rights and obligations of both the landlord and the leaseholder.

Leasehold/Leasehold interest – The owner (strictly the tenant) of a property on a long lease.

Major repairs – Significant work required to remedy disrepair to the structure, services or external elements of a property, block or estate.

Section 20 consultation – Refers to Section 20 of the Landlord and Tenant Act 1985 (as amended), and the Commonhold and Leaseholder Reform Act 2002. It states how the landlord must consult with the leaseholder before carrying out repairs above a certain value.

Section 125 Notice – Refers to Section 125 of the Housing Act 1988; a notice in which the landlord estimates the costs that the leaseholder may have to pay for repairs during the first five years of the lease.

Service charge – Charge paid by a leaseholder for services provided by the landlord.

Sinking fund – A fund set up through service charges to budget for major expenditure e.g. roof repairs

Staircasing – The process of purchasing extra shares of your home if you are a shared owner and your lease provides provision for.

Subletting - Letting of the property by the leaseholder to a third party.

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