Cordelia Smith comments on commonhold in The Law Society Gazette
Cordelia’s comments were published in The Law Society Gazette, 14 March 2025 (page 19), and can be seen here.
Cordelia Smith, Associate in our Residential Property department, discusses the Commonhold Reform Bill and whether it will lead to chaos and a further slowdown in transaction times.
As sweeping reforms to leasehold law and the digitisation of property transactions loom, concerns are mounting within the residential conveyancing sector, already under pressure from staffing shortages and high workloads. Cordelia raises questions about whether the practical logistics of implementing commonhold have been fully thought through.
Cordelia points out that public awareness of commonhold is extremely limited, and even many conveyancing solicitors have little to no experience with it in practice. While leasehold has its flaws, she notes, it is at least a familiar system for most homeowners. The introduction of commonhold, by contrast, could create confusion and delays, particularly if legal professionals and clients alike are unfamiliar with the rights and responsibilities it entails.
A further complication is the role of mortgage lenders. She highlights that some major lenders, such as Halifax, currently refuse to offer mortgages on commonhold properties. This lack of lender support could significantly hinder the adoption of the new system. For the reforms to succeed, she suggests, there must be coordinated efforts across the legal, financial, and property sectors to build knowledge, update systems, and ensure the market is ready for such a fundamental shift.
Read the full article on The Law Society Gazette website [external link].