To date, the advent of commonhold looks like an anti-climax; there have hardly been any commonhold transactions and, apparently, the first one in the whole of southern England was only processed in August.
Justin Hopkins explains why commonhold is an increasingly viable form of land ownership
– in many cases the best option available – and why you need to be aware of it
With all the publicity surrounding the introduction of commonhold, it is interesting to read the views of a Gazette correspondent who takes a decidedly downbeat view. He argues that commonhold will not take off in its present form for two reasons.
While service charges in leases and commonhold assessments for commonhold bear superficial similarities, Gerald Sherriff of Lawrence Jones explains that there are in fact some stark differences.
Development schemes which include communal shared facilities require careful
structuring. This is needed to ensure that unit holders not only benefit from,
but also contribute to the upkeep of, those facilities.
With the Commonhold and Leasehold Reform Act 2002 due to come into effect imminently, Denton Wilde Sapte’s Chris Baker and Katharine Fenn review its intricacies, and assess the Australian experience
In our June issue17 we took another look at the new commonhold system, and considered the various ways in which it might suit commercial property developments.