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Article: Slow start for new style of ownership.(Business)
- Article from:
- The Journal (Newcastle, England)
- Article date:
- March 22, 2006
CopyrightCOPYRIGHT 2006 MGN Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: By Richard Freeman-Wallace
Commonhold came into effect in 2004, the first new type of property ownership in English law to be created since 1925. It was trumpeted as a huge shake-up in home ownership. Take up of commonhold since its launch has, however, been slow.
The Government had hoped that 6,000 homes a year would be registered as commonhold. This includes both new builds and existing leasehold flats converting to commonhold.
Less than 200 newly-built homes have been registered so far, however. The problems seem to lie in some mortgage ...