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What is Leasehold?
Leasehold is a term used to describe four different types of lease held with South Cambridgeshire District Council. As a leaseholder you will have one of the following types of lease:
- Leasehold Equity Sharing Scheme for the Elderly
- Leasehold Equity Sharing Scheme for First Time Buyers - (Note: this scheme is no longer available for new applicants)
- Leasehold Shared Ownership Scheme
- Leasehold Right to Buy Flats
Leasehold ownership of a property is simply a long tenancy, the right to occupation and use of the property for a long period - the 'term' of the lease. This will usually be for 125 years and the property can be bought, sold or surrendered back to South Cambridgeshire District Council during that term depending on the type of lease you have.
| Example | Explanation/action |
|---|---|
| Landlord | South Cambridgeshire District Council |
| You, the purchaser | Buy a 125 year lease of a property from the Council |
After 5 years YOU wish to move. Depending on the type of lease you have, you will do one of the following:
| Example | Action |
|---|---|
| If you have a Right to Buy Flat | Sell the Lease/property on the open market. Your purchaser buys the remaining term of the lease (120 years) from you and occupies the property. |
| If you bought a sheltered property before 1st January 2006 or own a First Time Buyer or Shared Ownership property | You give back the Lease and property to the Council. The Council will purchase your share of the property from you. |
| If you bought a sheltered property after 1st January 2006 | You sell the Lease/Property directly to an applicant on the Council's housing register. |
The ownership of the property usually relates to:
- everything within the four walls of the property, including floorboards and plaster to walls and ceiling
- but does not usually include the external or structural walls.
- The structure and common parts of the building and the land it stands on are owned by South Cambridgeshire District Council and we are responsible for the maintenance and repair of the building.
The exception to this is Leasehold Equity Share for First Time Buyers and the Leasehold Shared Ownership Scheme, where the lease stipulates that the leaseholder is responsible for the repair and maintenance of the external structure of the property as well as the interior. For clarification please refer to your lease.
