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Glossary of Freehold Terminology

Section 5 Notice

This notice which deals with the leaseholder’s rights of first refusal, it has to be served at least 2 months prior to any sale of a freehold interest. Elmdon does this free of charge on the vendors behalf.

Title Number

The numerated reference which the Land Registry uses to identify an interest in a property. The freehold and leasehold interests in a property will each have different title numbers.

Intermediate Leasehold Interest

This is a leasehold interest which sits in-between a freehold and an ‘occupational’ leasehold interest. It often occurs where apartments are situated above commercial units, but can also be created as part of a management company scheme.

Freehold

The land on which a property is situated. Typically for the type of property Elmdon purchase this would be subject to long leasehold interests.

Leasehold

An interest in a property which gives the holder the right to occupy it for a given period and under certain conditions

Lease Extension

When a freeholder grants an extension to a leaseholder of their lease term

Section 20 Notice

The notice the freeholder or their managing agents are required to serve prior to major works

Service Charge

An amount levied by the freeholder, their managing agents or the management company in respect of each lessee’s proportion of the running costs of the block

Summary of Rights and Obligations

A document which lists the entitlements of leaseholders in relation to any demand for service charges levied on them – this information must accompany any demand which is not solely for ground rent.

Managing Agent

An agent appointed by the freeholder or management company, who administers an apartment block or housing estate on a day-to-day basis. Normally they will also collect in the service charge, although not necessarily the insurance or ground rent monies.

Rent Demand Notice

This is also referred to a Section 166 notice, and is the method by which the freeholder collects ground rent due. By statute it must adhere to a prescribed format, which includes the freeholders name, service address, rent due dates and amounts owed.