Reform of leasehold not commonhold should take priority, CILEx has said.
The Law Commission’s consultation, ‘Reinvigorating commonhold’, proposes ways to make commonhold more attractive to homeowners and property developers.
However, CILEx points out that fewer than 20 commonholds have been created since the legislation came into force in 2002, partly due to a lack of enthusiasm by mortgage lenders.
Its response to the consultation states: ‘CILEx is conscious that existing leaseholders should not be expected to convert their tenure to commonhold in order to have their rights and interests protected.’
CILEx President Phillip Sherwood says: ‘Commonhold was a good idea at the time.
‘However, with so many unresolved issues around leasehold at the moment, that is where the focus needs to be for now.’
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