Translation glossary: Legal Glossary

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Maisa Muhammad

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forecast

التوقعات

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Freehold

الملكية العقارية الخالصة / الملكية العقارية مطلقة المدة

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What is leasehold?
Leasehold means that you just have a lease from the freeholder (sometimes called the landlord) to use the home for a number of years. The leases are usually long term – often 90 years or 120 years but as high as 999 years – but can be short, such as 40 years.
A leaseholder has a contract with the freeholder, which sets down the legal rights and responsibilities of either side
The freeholder will normally be responsible for maintaining the common parts of the building, such as the entrance hall and staircase, as well as the exterior walls and roof. However, other leaseholders might have claimed their “right to manage”, in which case it is their responsibility
Leaseholders will have to pay maintenance fees, annual service charges and their share of the buildings insurance
Leaseholders normally pay an annual “ground rent” to the freeholder
Leaseholders will have to obtain permission for any majors works done to the property
Leaseholders may face other restrictions, such as not owning pets or subletting
If leaseholders don’t fulfil the terms of the lease – for example, by not paying the fees – then the lease can become forfeit.

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شريك موصِ / صامت

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