commonhold


Also found in: Dictionary, Wikipedia.

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.
References in periodicals archive ?
The all-party parliamentary group on leasehold and commonhold reform managed to secure the debate and used it as an opportunity to highlight leasehold abuse and to push for reform.
59) The Commonhold Community Statement (model bylaws) of the new English Commonhold statute contains a similar provision.
THE term commonhold will become more widely known in the future as it is likely to be the preferred way of selling flats in developments.
You are entitled to arrange your own insurance under the Commonhold and Leasehold Reform Act 2002, so it's unlikely that your ground landlord will do anything more than threaten.
A bit of law called the Commonhold and Leasehold Reform Act says that if at least half the leaseholders in a block vote together, they can take over the management themselves.
HIPs contain a Home Information Pack index; an Energy Performance Certificate (EPC); evidence of title; a Sale Statement detailing the terms of the sale; standard searches; a copy of the lease (where appropriate), commonhold documents (where appropriate) and a Property Information Questionnaire (PIQ).
Different rules apply for the sale of commonhold and unregistered land: see the government's website for details: www.
The sale statement should give basic information about the property's site, including the address, whether the property is freehold, leasehold or commonhold, whether it is registered or unregistered and whether or not it is being sold with vacant possession.
The guide provides a wealth of information on all the legal facts of owning a leasehold or commonhold property in England and Wales.
AS the new form of property ownership known as commonhold has failed to take hold so far, the usual way in which flats are sold is by a long lease.
Shadow cabinet office minister Andrew Lansley questioned whether Mr Meacher's dealings are compatible with his ministerial work on legislation on leasehold and commonhold reform.
But there is a clear need to change the Commonhold and Leasehold Reform Law.