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TOO FEW HOMES BEING BOUGHT COMMONHOLD, SAYS LAW BODY

A way of buying flats or houses introduced 14 years ago – known as commonhold – has failed to take off, according to the Law Commission.

That is despite the fact that it could provide a much better alternative for those who have leasehold agreements.

Four million people in England own leasehold properties, but there have been thousands of complaints.

Yet, an alternative way to buy has been little-used, and the Commission is now taking a fresh look at the law.

Since the Commonhold act came into force in 2004, only 20 commonhold developments have been created – with just one in London, and one in Manchester.

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