FAQs

What is a lease?

A lease is a contract between the leaseholder and the landlord giving conditional ownership for a fixed period of time.

The lease sets out the contractual obligations of the two parties: what the leaseholder has contracted to do, and what the landlord is bound to do.

The leaseholder's obligations will include payment of the ground rent and contribution to the costs of maintaining and managing the building.  The landlord will usually be required to manage and maintain the structure, exterior and common areas of the property, to collect contributions from all the leaseholders and keep the accounts.

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