Commonhold
From Wikipedia, the free encyclopedia
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.
It involves the freehold tenure of part of a multi-occupancy building (typically a flat) with shared ownership of and responsibility for common areas and services.
It is similar to the condominium system, which exists in the United States.
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