Ahead of the game .............
Leading the way!
Hopton Build (Yorkshire) Ltd have been liaising with The Law Commission, L.K.P. (Leasehold Knowledge Partnership)who are the secretariat for A.P.P.G. the All Party Parliamentary Group on leasehold reform, the Secretary of State for Housing, The Land Registry, and are also supporting the National Leasehold Campaign which addresses leaseholders issues. We are the only known current builder offering commonhold and pioneering true home ownership for apartments. Setting standards for future ownership.
The Law Commission and Parliamentary groups have been looking at the technicalities of ownership and we have assisted in piloting the proposals, and finding / resolving issues. A Commonhold Association is a legal scribed format for good practice and compulsory for future Commonhold developments.
Ownership is important however the outstanding benefit is also the reduction in monthly fees and associated costs, with commonhold there is control, or complete lack of other external interests wanting their wedge of earnings at the expense of the property owners. No other freeholders, uncontrollable management agents, third party commissions on building insurances etc.
In a commonhold development, ownership in the apartment is freehold and absolutely yours.
Currently, flats are almost universally sold on a leasehold basis, previous difficulties arise when flats were sold as freehold. However, leasehold also presents a number of problems. In particular, leasehold ownership is not ownership, its time-limited and leaseholders have little control over
The Law Commission is currently carrying out two additional projects, the Right to Manage (RTM), and the Right to Buy the freehold (Collective enfranchisement) which will improve leaseholders’ rights. Whilst these projects will improve the position in leasehold, they cannot remove the inherent problems with leasehold ownership.
The commission Commonhold Project is different. Commonhold provides a structure which enables the freehold ownership of flats and, as such, offers an alternative, a way of owning property which avoids the shortcomings of leasehold properties. And the financial advantages keep on stacking up.
“A commonhold association is not a business; it is a community"
Owners within a Commonhold development are more likely to help micro manage the place they live and have knowledge of local quality tradesmen.
A broken fence panel, or maybe a low battery in a smoke alarm can be readily resolved by local tradesman, sometimes owners, without involving the additional costs incurred by remote management companies. It all saves money and ensures many maintenance issues don’t get beyond efficient repair.
Solid Investment. Freehold Ownership. Owning the bricks and mortar will ensure your investment stays safe.
We realise that historically and currently there is little public understanding of the difference between freehold and leasehold properties, knowledge is however gaining momentum, greater understanding will see leasehold property investments fall away from anticipated future stronger and higher demand of freehold (including freehold within commonhold association) developments.
Standardisation. Commonholds have standard rules and regulations which should make conveyancing simpler and cheaper. It should also be easier for homeowners to understand their rights and obligations.
Self-management by the owners. A commonhold association importantly enables owners to have full control of their own costs, overheads and any subcontracted management.
Flexibility. This also means the owners have flexibility to accommodate change at their own pace.
Financially advantageous. In contrast where flats are owned as leasehold many landlords see it as an opportunity of generating income and extra charges. Overheads are considerably lower. This is why we believe the future should be commonhold.
Currently, residential leasehold, which doesn't afford actual ownership, is the main way of owning apartments in England and Wales.
Page 16 of The Law Commission "Reinvigorating Commonhold" Summary Report December 2018