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Commonhold and Leasehold Reform Act

The Commonhold and Leasehold Reform Act 2002 is a UK law designed to improve the rights of leasehold property owners and reform the system of commonhold properties. It allows leaseholders to extend their leases more easily and reduce ground rent fees. The act also encourages the commonhold ownership model, where residents own the building collectively instead of having individual leases. This shifts some control away from landlords, promoting fairer management and maintenance of shared properties. Overall, it aims to protect leaseholders and enhance their rights in the property market.

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    The Commonhold and Leasehold Reform Act is a UK law aimed at improving the rights of leasehold property owners and promoting commonhold ownership. It addresses issues like unreasonable ground rents, allowing leaseholders to extend their leases more easily and affordably. The act encourages a shift from leasehold to commonhold, a system where residents collectively own their building and land, promoting greater control and responsibility. Overall, it seeks to enhance transparency and fairness in property ownership, ensuring that leaseholders have more power and options regarding their homes.