Glossary of terms

Consultation: This is the legally defined process that we go through when we tell you about expensive works and contracts.

Covenant: This is an enforceable rule/right/responsibility, for instance a leaseholder's covenant to pay the service charge.

Forfeiture: This is where the lease is ended by a formal legal process because the leaseholder has broken the lease. This course of action only takes place for substantial breaches of the lease covenants and following a decision of a court or Leasehold Valuation Tribunal.

Leasehold Valuation Tribunal: More commonly referred to as the LVT. This is an independent and impartial body which makes decisions about service charge and other leasehold disputes.

Section 125 notice: This is the notice of the Right to Buy purchase price which sets out major works costs for the first five years of the lease, and the most that Parkway Green can charge during this period.

Service charge: This is the charge that is made to leaseholders in return for the services provided by the landlord. The service charge is variable and requested four quarters within a year.

Sub-letting: This is when you let your home to someone else. You will then become a landlord and will then have legal responsibilities for your tenants. You must let us know if you sub let your home otherwise you will be in breach of a covenant.

Term: This is the number of years of the lease for the leaseholder. The length of a standard lease is 125 years.

A notice of assignment is: When the property changes hands when either the property is being sold or someone is being added/removed on the existing lease.

Notice of charge/mortgage is: When you remortgaged/or go to another lender, the bank will usually want us to sign and stamp their notice and send us a fee currently £35, so the names remain the same on the current lease.