It is fair to say that the commonhold system has been a damp squib; very few registrations have taken place. In theory, it should work well, as it allows for freehold ownership of flats, with the common parts being owned by a company limited by a guarantee. Note that as a result of the important Companies Act changes that came into effect on 1 October, the prescribed Articles of new commonhold companies have been amended (eg to delete references to the memorandum of association, which has now been abolished).