Last Friday, Sam Barker in the Daily Telegraph reported the Law Commission’s study of the tenure.
Commonhold exists almost all jurisdictions apart from England and Wales, where flats and over a million houses are held as long-term tenancies.
An unusual type of property ownership called commonhold edged closer to the mainstream this week, but experts say it needs huge changes to be viable for most. This week the Law Commission, which overhauls laws, proposed reforms that could kickstart the popularity of commonhold.
The Telegraph said:
“However, the leasehold system is open to abuse, with more than 100,000 homes containing unfair conditions in their leases, according to Nationwide, the building society.”
Commonhold would be preferable, but“only six of the top thirty lenders are even prepared to consider extending mortgages to these homes”.
This was reported by LKP after developer Stewart Moxon, of Hopton Build, was told there would be no Help To Buy on commonhold flats that he is building near Huddersfield.
This was raised in the Commons by Sir Peter Bottomley on December 10:
LKP praised the Law Commission:
“The Law Commission is doing a very serious job at looking at these problems in leasehold and we are very impressed by them.”
A HOME is the most expensive purchase most people will ever make. Not only is it a roof over their heads, it is somewhere they turn into a home, start families, and create a lifetime of memories.