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Conveyancing Quotation - For the sale of your property
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What does Commonhold mean?
Commonhold is the term given to the circumstance where you can buy the freehold and own common parts of the building jointly with other persons. This mostly applies to flat occupation/ownership.
No ground rent or service charge would be payable payable but it’s likely that you would have to contribute towards general maintenance and insurance for the common parts of the building. (Stairwell lighting, lift maintenance, gardening etc).
What does Freehold mean?
Freehold means that title (ownership) to the land the property is built on is included in the sale.