Lease common terms

Your lease is a legal document, so it uses legal terms. Some of the more common terms are explained here:

Lessee - 
Is you, as the owner of the leasehold for your property.

Lessor - 
Is Gateshead Metropolitan Borough Council, who owns the freehold of your property.

Sub-lessee - 
The person to whom you grant a lease or tenancy - ie your tenant.

The building - 
The building or block of which your property is part.

The flat (sometimes called the demised premises) - 
This is your property - ie 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 1 April in each year to 31 March in the following year.

Term -
The length of time the lease has been purchased for - 125 years for Gateshead Council properties purchased under Right to Buy.