The following Property practice note provides comprehensive and up to date legal information covering:
The commonhold association is a private company (limited by guarantee) incorporated under the Companies Act 1985. The unit-holders are the only permitted members of the association; consequently through their votes they control the operation of the commonhold.
The commonhold association:
is the registered proprietor of the common parts of the property; and
has complete responsibility for managing the development (including the ability to terminate the commonhold via voluntary wind-up)
The Commonhold Community Statement (CCS) allows the commonhold association to set a commonhold assessment (ie estimate of the costs for the management, maintenance, insurance, and repairs of the building). The association then requests payment from each unit-holder in proportion to the percentage assign
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