Leaseholders
Leasehold ownership of a flat is simply a long tenancy. It gives you the right to occupy and use the flat for a long period. This is called the 'term' of the lease and will usually be for 99 or 125 years. The flat can be bought and sold during that term.
The term is fixed at the beginning and gets shorter year by year. If there were no inflation, the value of the flat would diminish over time until the eventual expiry of the lease when the flat reverts to the landlord. An assured tenancy is possible at the end of the term.
There are currently three ways you can become a CHP leaseholder:
1. Purchase under right to buy/acquire
If you are currently a protected assured tenant with CHP, you will be eligible to purchase under the Preserved Right to Buy.
If you are currently a new assured tenant with CHP, you will be eligible to purchase under the Right to Acquire.
If you live in a flat and decide to buy, you will become a leaseholder. You will stop paying rent but will have to pay service charges.
2. Purchase on the open market
CHP flats previously purchased by tenants can then be sold on the open market. Local estate agents will have details of CHP flats currently available to buy.
3. Shared ownership
We currently have a few properties in Essex that are available to buy on a shared ownership basis. This means that you buy a share (usually 50%) and pay rent on the remaining share. Over time, you can then buy a bigger share in stages until you own the property outright. For more information see the Shared Ownership page.
More information
For more leasehold information, please see our Leaseholders Handbook. Alterntaviely, contact our Leasehold Manager on 0845 155 3000 or email: leasehold.services@chp.org.uk
For free advice on the law affecting leaseholders, contact LEASE - The Leasehold Advisory Service. LEASE is an independent advice agency, funded by Government grant.
You can get advice by telephone, in person at the office (by appointment only), or by letter.
Telephone: 020 7374 5380 (9.30am to 3.30pm Monday to Friday).
Fax: 020 7374 5373
Email: info@lease-advice.org
Address: 31 Worship Street, London, EC2A 2DX
Service Charges
Service charges are costs that CHP incur in providing shared facilities in blocks of flats and sheltered housing schemes.
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