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.
References in periodicals archive ?
Commonhold is available for new and existing developments.
He said: 'Commonhold is already widely used in other jurisdictions, such as Australia.
What is commonhold? It's a freehold-like tenure of a smaller part ( called a "unit" ( of a larger scheme.
Instead, each unit holder is both the owner of the freehold of his unit and a shareholder in a commonhold association which owns the freehold of the development's communal areas.
The bill gives leaseholders the chance to own the freehold of their home and have an interest in an organisation called a commonhold association, which would own and manage the common parts of the development they live in.
'Commonhold provides a kind of freehold method of owning property, whereby the tenants are in effect the landlord.
But this set to change as the Government plans legislation that will introduce a third form of tenure - commonhold.
Developers and landlords face radical changes to how they manage their property portfolios if a reintroduced Commonhold and Leasehold Reform Bill is passed this year, Birmingham accountants Clement Keys have warned.
The purpose of last Friday's meeting was to discuss certain aspects of the Commonhold and Leasehold Reform Bill.
The Commonhold and Leasehold Reform Bill, which failed to gain Royal Assent before dissolution of the last Parliament, will reform the purchase of freeholds by leaseholders and create commonhold, a new form of tenure for flat owners
The Housing, Communities and Local Government Committee has urged the government to go further to ensure that commonhold becomes the primary model of ownership of flats, saying it would leave homeowners "free from ground rents, lease extensions, and with greater control for residents over service charges and major works".
Labour's new plan will essentially improve and revitalise commonhold for flats, and make freehold mandatory for all new houses, something that should have happened years ago.