Right to Buy scheme
What being a leaseholder means
If you buy a flat or maisonette you buy a leasehold interest.
This means you have the right to live in your home for a certain amount of time without having to pay rent, except for a small ground rent.
The period is set out in the lease. As a leaseholder you:
- only buy the right to live in your own flat
- have to pay a share of the costs of the upkeep and repair of the building and the estate where your flat is situated
The lease is the legal contract between you and South Tyneside Council and is a very important document.
Once you and South Tyneside Council have signed the lease you both have to carry out your responsibilities as it sets them out.
Your lease describes the flat that you have bought and has a plan showing the flat plus any garden, garage or shed.
It also shows the building containing the flat and the estate it is on.
South Tyneside Homes is responsible for the upkeep, maintenance, repair and improvement of the building as a whole and the estate, and you are responsible for paying your share of these costs through your service charge.
Find out more about being a leasholder.