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Freehold, leasehold & commonhold how is it different?
Posted on 2011-08-11 22:00:14
This article explores the differences between freehold and leasehold and commonhold, if we are going to talk a little about that, freehold and leasehold are types of property/estates. Commonhold is a subset/newtype of freehold.

Freehold property
If the property is freehold, this means that you own it, and the land on which the property is built is part of the sale and no ground rent or service charge is payable. When you die, it is part of your estate and can be bequeathed to your heirs.

Leasehold Property
This is a new system of joint ownership introduced in 2004. It is considered to be better than leasehold for some types of property, especially blocks of flats.


Commondhold Property
Commonhold is pretty self-explanatory. A group of people mutually own, for example, a block of flats. There is no overall landlord. However, there is a freehold owner, and that is a company called a commonhold association. The owner of each flat is a member of the association (i.e if you buy a commonhold flat, you will be part of the association), there is no set period of time to when you have to leave- you are one of the freeholders. The commonhold association is responsible for maintaining the communal areas of the building.
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