Commonhold was first proposed by an independent working group in 1987. However, it took fifteen years and a succession of consultations and draft bills before it was formally introduced as an alternative to the traditional leasehold/freehold models of property ownership, by Part I of the Commonhold and Leasehold Reform Act 2002. The take-up of commonhold has, however, been minimal.
Amid a flurry of negative media coverage, there have been calls for significant reform of the existing leasehold system and as a result commonhold is firmly back on the political agenda.
Pieter Boodt appears in Property Investor News discussing commonholds, what has happened in the 15 years since the 2002 Act came into force as well as commenting on what the future might hold.
Commonhold - Back to The Future? is available to read on the Property Investor News website via subscription.
Pieter is a partner in the real estate team. He advises on a broad range of commercial and residential real estate transactions, including development, acquisitions and disposals, landlord and tenant matters and real estate finance.