Common terms in your lease
Your lease is a legal document and so uses legal terms. Some of the more common terms are explained here:
Is you, as the owner of the leasehold for your property.
Is the Mayor and Burgesses of the London Borough of Tower Hamlets i.e. the council, who owns the freehold of your property. Tower Hamlets Homes manages the freehold on behalf of the council.
The person to whom you grant a lease or tenancy i.e. your tenant.
All of the land, including gardens, flats, garages, parking spaces, stores and paths for the common use of residents.
The building or block of which your property is part.
The Flat (sometimes called the demised premises)
This is your property i.e. the flat number and building name.
Fixtures and Fittings
This refers to all the non-structural items included in the purchase of a property, such as kitchen and bathroom units, light fittings and worktops.
Financial Year or Accounting Period
The period from 1st April in each year to 31st March in the following year.
Gross Rateable Value (GRV)
The value assigned to your property by the District Valuer.
126 years (Greater London Council – GLC lease) or 125 years (London Borough of
Tower Hamlets – LBTH lease).