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By Monidipa Fouzder2021-05-14T11:41:00+01:00
The government has paved the way for making commonhold an attractive alternative form of property ownership by setting up an advisory panel of experts to help get the housing market ready.
Commonhold allows a person to own a freehold flat, and be a member of the company which owns and manages the shared areas and structure of the building. However, it has struggled to gain traction - fewer than 20 commonhold developments have been built in England and Wales since it was introduced in 2002. The system has been criticised for not being flexible enough to cater for larger, more complex developments. Mortgage lenders are reluctant to lend cash against commonhold properties because of legal issues.