A way of owning property introduced in 2004 means developers and lenders can now set up and finance 'commonhold' schemes in new developments, retail and business parks. Businesses looking for premises in such developments will have to get to grips with a whole new set of rights and obligations
Commonhold schemes, which apply to registered land only, are intended for commercial and residential multi-occupancy properties with extensive common facilities and structures, such as roads and car parks, shared walls, stairways, lifts, roofs, and utilities.
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