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
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
References in periodicals archive ?
He sits on the technical committee of ARMA that is currently meeting with the Office of the Deputy Prime Minister to discuss the implications on service charge issues related to the new system of commonhold contained in the Commonhold and Leasehold Reform Act 2002.
Commonhold gives these property owners the chance to be freeholders rather than just leaseholders.
Long-awaited land ownership reform will finally happen this month with the creation of so-called commonhold rights.
Later this spring the final section of the Commonhold and Leasehold Reform Bill will hit the statute books.
This framework has been tightened up to provide for more consultation and involvement by the tenants as set out in the Commonhold and Leasehold Reform Act 2002 (in the event of charges exceeding pounds 250).
The new Commonhold and Leasehold Reform Act 2002, while offering welcome solutions to some current problems, could even prove extremely costly for tenants, it says.
The Government will also introduce a new right to "commonhold", with no landlord and every resident having have equal rights.
The main objective of the Commonhold and Leasehold Reform Bill is to create a new tenure which will enable premises to be owned as freehold where leasehold has been the only practical method of regulation.
The Commonhold and Leasehold Reform Act came into effect on October 1 giving lessees extended rights in relation to their property.
However, Solitaire is hoping to benefit from increasing opportunities to acquire new property management contracts following the passing of the Commonhold and Leasehold Reform Bill into law.
The changes, part of the Commonhold and Leasehold Reform Act 2000, come into effect at the end of September and will also make it easier for leaseholders to buy the freehold of their property and require landlords to inform leaseholders when their ground rent is due.
A Bill is currently on its way through Parliament entitled the Commonhold and Leasehold Reform Bill which includes a number of measures intended to make life easier for owners of apartments in residential buildings.