X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-The Government has re-introduced the Commonhold and Leasehold Reform Bill it described as ‘The end of feudalsim’ in the last Parliament. It had its First Reading in the House of Lords last week and re-introduces the provisions for the creation of a new plan for the ownership of flats and other multi-occupied dwellings, called commonhold, and a wider range of measures to improve the rights and conditions of leaseholders in England and Wales.

The Commonhold and Leasehold Reform Bill is designed to give people in commonhold the opportunity to own the freehold of their homes, and have an interest in an organisation that would own and manage the common parts of the development they live in. For leaseholders, the reforms aim to make it easier for them to buy their freeholds and, for those who do not wish to buy, better options for managing their own homes and greater protection against abuse from unscrupulous property owners.

David Marcus, a consultant at specialist property law firm Forsters, says: ‘The newspapers regularly report on incidents where owners have made totally unreasonable claims on lessees who have had little recourse other than to pay out or be threatened with eviction. The new commonhold ownership will allow occupiers to own their flats in perpetuity, therefore gaining the controlling interest of the property, while their title-deed will also give them membership of the Commonhold Association which will own the land, the structure of the building and the common parts.’

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.