If there is a joint rental agreement for a house, the tenant is responsible for the maintenance and repair of the property, and the only service fee to be paid is for building insurance. Explains what shared Ownership Leasehold is and how it works. A joint lease agreement for a house does not qualify for the right to acquire the property, in accordance with the provisions of the Lease Reform Act 1967, if the lease agreement provides that ownership is transferred by the tenant upon purchase of the remaining portion of the property (called the final staircase). Other exceptions apply where the estate home has been made available to the elderly or in an area designated as a protected area. A secured lease or joint housing rental agreement is a long-term lease, which is a form of residential property in the UK. Some local authorities will limit what you can buy, especially in rural areas, so homes are still available to locals…