Commonhold Associations
The Commonhold Regulations 2004 came into force on 27 September 2004. The Regulations introduced a new form of land ownership in England and Wales called 'commonhold'.
A commonhold consists of both units and common parts. The units are individual freehold properties, such as flats, offices and shops. The owners of freehold units are called unitholders. The 'common parts' are any part of a commonhold development which is not a unit. This could include shared facilities such as the roof, stairs and landings.
The common parts are owned and managed by a company limited by guarantee called a Commonhold Association. The Commonhold Association is the corporate vehicle that will be registered as the proprietor of the freehold estate in the common parts of the property.
We at Bourse offer two forms of Commonhold Association:
- Unitholders form - suitable for use by an existing property which is converting to commonhold.
- Developers form - suitable for use by a developer who is developing a property for sale with commonhold title. This draft contains additional provisions relating to the developers rights.
Our fees for the formation of a Commonhold Association, using either of the aforementioned drafts, are £400 inclusive of VAT. This would include the following:
- Certificate of Incorporation
- Eight bound copies of the Memorandum & Articles of Association
- Standard form Commonhold Community Statement
- Company Kit Box (Statutory Registers/Member Certificates)
- Form 225 to change the company's accounting reference date
For further information, or to discuss your particular requirements, please contact us on 0117 983 6600 or email Damian Wardingley at formations@bourse.co.uk.