Definitions for "Commonhold"
This is a new type of ownership in English Law to be created since 1925. The change will allow leaseholders to dispense with their landlord and obtain a share of the freehold. The new system is devised to get rid of the leasehold system, which is the most common form of ownership of properties such as blocks of flats. However, conversion to commonhold is not compulsory so both systems will exist side by side for years to come. The advantage of commonhold is that it gets rid of the concept of the declining asset - sellers and purchasers of commonhold properties will no longer have to worry about how many years are left on the lease.
A new proposal by the Government to varied the way Leasehold property is held.
Commonhold is a system of property ownership in England and Wales. It was introduced in 2004 by the Commonhold and Leasehold Reform Act 2002 as an alternative to leasehold, and is the first new type of legal estate to be introduced in English law since 1925.