|
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 fee for the
formation of a Commonhold Association, using either of the aforementioned drafts,
is £352.50 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)
- Company
Seal
- 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 formations@bourse.co.uk.
|
