Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.
Leasehold and Commonhold Compared in Recent Report
A recent report by Property118 provides a direct comparison between leasehold and commonhold property ownership in England and Wales. The report notes that commonhold, introduced in 2002 as an alternative to freehold and leasehold, remains unpopular, with only 20 commonhold buildings currently in existence.
The report highlights that a significant issue facing commonhold is a lack of understanding among stakeholders. It also points out that not all mortgage lenders support commonhold properties.
For UK letting agents and inventory clerks, the limited uptake of commonhold may impact the types of property ownership encountered in the market. The report suggests that awareness and understanding of commonhold remain low, which could affect property transactions and management.
Source: Property118