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Tenant and homeowner - common terms explained

 

Common terms

Am I tenant or a homeowner?

Tenants are residents who rent their homes from Hyde under a tenancy agreement. Types of tenure include fixed-term tenancies, starter tenancies and tenures.

Homeowners are residents who wholly or partly own their own homes, under a lease. These can include leaseholders, freeholders and shared owners as well as residents who have bought under the Right to Buy, Right to Acquire and Shared Ownership schemes.

What is a landlord?

This is an individual or company that owns a property or building. This is normally the Hyde Group but could be another party eg the developer of the building.

What is a tenancy agreement?

This is a legal contract between the landlord and tenant that sets out the obligations of both parties.

What is a leaseholder?

This is a resident that owns a property, normally a flat, for a fixed period of time eg 125 years.

What is a lease?

This is a legal contract between the landlord and leaseholder that sets out the obligations of both parties.

What is a freeholder?

This is an individual or a company that owns a house or a property. Unlike a leaseholder, there is no limit to how long they will own the property.

What is a shared owner?

This is a resident who partly owns a flat, or house, for a fixed period of time eg 125 years. The resident will own a percentage of the property and rent the remaining portion from the association, for which they pay rent.

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Terms for services

These terms are used on your statement for the services we provide. View a full list of our services and what they include on Full list of service charges (A-Z)

Apportionment methods

There is no standard apportionment method for leasehold properties. We use a number of different apportionment methods which include but are not limited to: 

  • Unit - Your home is a unit (eg – house, flat, maisonette)
  • Floor Area - This is the total floor area of your home. It compares the floor area of an individual home (unit) with the combined floor area of all the individual units within the building.
  • Rateable Value (RV) - This apportionment method uses the old local authority rates system that were once used to calculate what is now termed “Council Tax.”
  • Habitable Room - This is any room that is not a kitchen, bathroom, or toilet. This method of apportionment divides the cost by the total number of habitable rooms in a block rather than the total number of homes. This allows for the fact that some homes are larger than others.
  • Percentage - The percentage you pay can be based either on the size of your home in relation to others in the building or admin unit or it can be split equally between the number of units.