commonhold


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commonhold

a form of landholding in common with others introduced by the Commonhold and Leasehold Reform Act 2002 for England and Wales. It is of the same family as condominium title in the USA, strata title in Australia and unit titles in New Zealand. It is particularly suited to blocks of flats. Each unit owner has a freehold estate in the unit and is also a member of a commonhold association, which owns and manages the common parts of the commonhold development. There is no landlord as such. The rules by which the association is run are set out in the regulations. A key document is the commonhold community statement. This document defines the extent of the properties in the commonhold and the rights affecting them. It sets out the rights and duties of the association, the unit-holders and their tenants, and outlines the procedures for resolving disputes. It is possible, under detailed rules, to convert existing holdings to commonhold.