The Law commission has recently commenced its consultation procedure, in a project to establish why so few commonholds have been established since their construction in 2004.
The consultation is open for a period of 8 weeks, and any individual is able to comment on the call for evidence, in order to assist in the consultation process.
On paper, commonhold has several advantages over leasehold. However, less than 20 commonholds been created since the law came into force, and the Law Commission wishes to establish why this is the case.
The Law Commission is seeking views on:
1. How the process of creating new commonholds or converting existing leasehold developments to commonhold might be improved.
2. How the set up and management of commonhold might be improved for homeowners.
3. How commonhold might become more attractive to developers, mortgage lenders and others within the property market.
The consultation procedure runs until 19 April 2018. The call for evidence can be completed at the Law commission's website at www.LawCom.gov.uk/project/commonhold/
If you have any queries concerning commonhold, you should not hesitate to contact Lorraine Lancaster on (01702) 338338, or at email@example.com.