If you've ever looked into property ownership, especially in places like the UK, you’ve probably heard of freehold and leasehold. These are what we call “estates” in land – essentially, different types of ownership with specific rights over property. However, there’s another type of ownership called commonhold, and while it’s a popular option, it isn’t considered an “estate” in the traditional legal sense. Let’s dig into why commonhold doesn’t fall into this category and what it means for property owners.
What Is Commonhold?
Commonhold is a form of property ownership that allows you to own your flat, apartment, or unit outright. It’s popular with those who want the security of permanent ownership without the limitations of a leasehold (which only grants ownership for a specific time period). Commonhold also means you and the other property owners share the ownership and responsibility of common areas, like the lobby, stairwells, gardens, and parking areas. This shared ownership is manag…
