Some people have to live in flats, which are (quite unnecessarily) sold as leasehold in England and Wales: the poor, the single, those seeking to live in the centre of cities.
Commonhold is a perfectly sensible alternative.
In the meantime, let’s reform leasehold by stripping out all the income streams: the ground rents; the insurance commission scams; the related company services; the ludicrous and unfair property tribunals; lease forfeiture windfalls etc …
Private equity, such as Will Astor’s Long Harbour fund has poured money into residential freeholds (it is worth £1.6 billion).
This is just a means by which the rich hitch a ride on the home owning aspirations of the less rich.
It needs to stop.
Now the fuss over onerous leasehold clauses and Help to Buy mortgage “prisoners” has abated, the spotlight is starting to shift to shared ownership. Described by housebuilder and landlord Aster as the “poor relation” to Help to Buy, due to its lack of government funding, shared ownership is another scheme designed to help people buy property.