Homehold: Commonhold White Paper Published Today Will Create Two-Tier System
Linz Darlington, MD and Founder of Homehold
Commonhold tenure was first introduced in 2002 but never took off. As a tenure Commonhold is similar to Tenements in Scotland, the Strata title in Australia, and the Condo in the US. It involves flat owners owning and managing their building together.
A cornerstone in the reinvigoration of the Commonhold tenure is to ban leasehold on flats – but critically this only affects new build properties, not existing flats.
Linz Darlington said: “While a move to Commonhold is a genuinely laudable aim it will create a “two-tier” system of flats in the UK. New properties under the new style of ownership and management will be preferred by buyers to existing leasehold properties.
"This news will be received with exasperation by those people already trapped in leasehold properties with escalating ground rents, high service charges and fire safety issues – preventing many from selling or re-mortgaging their properties.”
The Leasehold and Freehold Reform Act 2024 was passed by the last Conservative Government, but is largely not yet in force. If implemented swiftly, it has the potential to help the estimated 5 million existing leaseholders in England and Wales by making it cheaper for those with high ground rents or leases below 80 years to resolve these issues.
Linz Darlington concluded: “What we need now is to prioritise delivering existing leasehold reform for existing properties and existing leaseholders – not rushing into ambitious new promises that will distract from doing this.”
Linz Darlington is the MD and Founder of Homehold (homehold.org) which provides an end-to-end lease extension and oversees at least 400 leasehold extensions a year. He also attends the First Tier Tribunal as an Expert Witness, and helping leaseholders get the best deal.
A M P Cantelo
Onyx Media and Communications
+44 7789 905304
email us here
Distribution channels: Building & Construction Industry, Business & Economy, Law, Politics, Real Estate & Property Management
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release