‘Leasehold’ means that you have bought your home but not the land that it is situated on.
A leaseholder will own a property for a period of years specified in a lease, but not the common part; however they will have rights over them and obligations in respect of them. A lease is a right that can be sold or passed to an heir(s).
If you have bought a flat or maisonette, you have bought a leasehold interest in that property.
The lease itself is a legal contract between you, as the leaseholder, and either Dale & Valley Homes, Durham City Homes or East Durham Homes as the landlord.
You are responsible for assisting with the maintenance and upkeep of the building you live in through a leasehold charge, which we collect annually.
If you bought your home on the open market, through an estate agent or private seller, all rights and responsibilities for your lease will have been transferred to you as part of the sale process.