commonhold


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commonhold

(ˈkɒmənˌhəʊld)
n
(Law) a form of property tenure in which each flat in a multi-occupancy building is individually wholly owned and common areas are jointly owned
References in periodicals archive ?
The office conversion was managed by Quoin Commonhold Association, formed as an off-shoot by AVAG with six additional individual members.
Under this Act and also the Commonhold and Leasehold Reform Act 2002, you and other leasees in your block having met certain qualifying criteria have the right to communally purchase the Freehold Reversion, although the process can be lengthy.
Financial assistance will be granted to owners registered under the Commonhold Property Management Act , with the owners entitled to up to 50% of the cost of the upgrade.
Legislation, which was originally proposed in the Commonhold and Leasehold Reform Act 2002, but not implemented, would have been far preferable.
It could also include a copy of the lease (if applicable), commonhold documents (again, where applicable), and any other information - including a Property Information Questionnaire (PIQ) - in fact, anything your estate agent feels would help you sell your property.
Indeed, under the Leasehold Reform, Housing and Urban Development Act 1993 (subsequently amended by the Commonhold and Leasehold Reform Act 2002), most lessees actually have a legal right to buy the freehold - oS n condition that at least half of them participate in the purchase.
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.
A 'sale statement' covering the name of the seller, the property's address, whether it is freehold, leasehold or commonhold and whether or not it's 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.
WE ARE looking to buy a new-build flat and have been told by the builders that it will be available as a commonhold.