Commonhold
Commonhold and Leasehold Reform - the 2002 Act
Ownership of property in England and Wales is poised to commence a process of
significant change during the course of the next year with the introduction of a
new form of freehold ownership -
commonhold.
The Commonhold and Leasehold Reform Act received Royal Assent (became law) on
1 May 2002 and the new rules relating to leasehold reform came into force on 26
July 2002 (although it is likely to be 2003 before the detailed Regulations
relating to commonhold itself, and certain other features of the new
legislation, are in place).
Under the new law, all types of property within a building in multiple
occupation (a flat or house, a shop or light industrial unit etc. but not
agricultural land) will be potentially capable of being owned on the basis of
commonhold.
In addition, the rules relating to
leasehold enfranchisement have undergone major changes that bring many more
people, and corporate entities, into qualification who were previously unable to
participate.
All of the changes being made have considerable implications for the future
value of property as an investment.
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