Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Commonhold Tenure Remains Unpopular Despite 2002 Introduction
Commonhold was introduced in England and Wales in 2002, but has not gained widespread adoption. The tenure continues to face challenges, including limited support from the property industry and reluctance from some lenders.
According to Property118, commonhold has struggled to gain traction due to a lack of industry backing. Many estate agents, conveyancers, and managing agents do not offer services related to commonhold. Additionally, not all lenders are willing to provide finance for commonhold properties.
Despite its introduction over two decades ago, commonhold remains an uncommon choice in the UK property market. The report notes that the government’s 2024 initiatives are mentioned, but does not provide further details in the excerpt.
For letting agents and inventory clerks, the limited uptake of commonhold means that most transactions and property management tasks continue to involve more traditional tenures.
Source: Property118