commonhold

/ ˈkɒmənˌhəʊld /

noun

1. a form of property tenure in which each flat in a multi-occupancy building is individually wholly owned and common areas are jointly owned

Example Sentences

Announcing a new timetable for reform, Housing Minister Matthew Pennycook said that commonhold - where people own their homes without an expiring lease - will become the default tenure before the next election.

From BBC

As for current leasehold properties, Mr Pennycook said: "We will also engage on the conversion of existing flats to commonhold."

From BBC

It wants ground rent regulated, and to “reinvigorate” commonhold – when flats are owned without an expiring lease and managed collectively.

From BBC

Steven Herd of MyLondonHome.com said abolishing leasehold and replacing it with commonhold - a system that would allow homeowners to collectively either manage their own apartment blocks or appoint a managing agent of their choice - rather than the freeholder's- would be give flat owners power over their own buildings.

From BBC

Campaign groups want a commonhold system - where occupants jointly own and take responsibility for their buildings without an expiring lease - to replace leasehold for new flats.

From BBC