This is the form of land ownership that was introduced in 2004.
'Commonhold allows freehold ownership of individual flats and houses within a building or an estate,' says Anthony Essien. 'The advantage of commonhold for property owners is that the flat will be freehold so it will not lose value as would a leasehold flat as the lease runs down.'
Under the new commonhold system, there is no landlord, and every resident or 'unit holder' in the property has equal rights. So each 'unit-holder' effectively owns their own flat as a freehold plus a share in the common structure.
All unit-holders take joint responsibility for the maintenance and repair of the commonly-owned areas and their obligations are formally laid down. The common parts are owned and managed by a limited company, known as a commonhold association (CA). This system has been devised to do away with leasehold in blocks of flats, but as conversion to the new system isn’t compulsory or cheap and would need cooperation of all leaseholders, the two systems work side by side.
'Again, this type of ownership has implications and restrictions for what type of development you are able to undertake so you should look into this before making a buying decision,' says Anthony Essien.
Buying & Selling - essential guides and advice.
The Commonhold and Leasehold Reform Act is available at www.hmso.gov.uk.
The Land Registry has a guide to commonhold.
Check out the mortgage calculator, loans, credit cards & savings comparison tools
Tell us about where you live, & see if your area makes the top (or bottom) 20
Compare current rates on loans, savings accounts, credit cards & mortgages with this handy tool.jpg){kind=small}
Our presenter could be popping round to your house for a consultation and a cuppa
.jpg)
Your Comments
Post your comment
Please note: In order to post a comment you need to be registered and logged in to Channel 4:
Sign In Here or Register Here
Comments closed
Comments are closed at the present time
Comments
Thank you for your comment!
Your message will be reviewed and the best ones will be published below.
If you intended to make an official comment to Channel 4 please contact us.