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Commonhold
Commonhold is a system of property ownership in England and Wales. It involves the indefinite freehold tenure of part of a multi-occupancy building (typically a flat) with shared ownership of and responsibility for common areas and services. It has features similar to the strata title system in Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ..., and condominium systems in the United States. Following a consultation by the Law Commission (England and Wales), Law Commission, it was introduced by the Commonhold and Leasehold Reform Act 2002 as an alternative to leasehold, and was the first new type of legal estate to be introduced in English law since 1925. Origin of the word ‘Commonhold’ is a term found only in the law of England and Wales. It was adopted in the Repor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Condominium
A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners. These individual units are surrounded by common areas that are jointly owned and managed by the owners of the units. The term can be applied to the building or complex itself, and is sometimes applied to individual units. The term "condominium" is mostly used in the US and Canada, but similar arrangements are used in #By country, many other countries under different names. Residential condominiums are frequently constructed as apartment buildings, referred as well as Horizontal Property. There are also rowhouse style condominiums, in which the units open directly to the outside and are not stacked. Alternatively, detached condominiums look like single-family detached home, single-family homes, but the yards (gardens), building exterio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonhold And Leasehold Reform Act 2002
The Commonhold and Leasehold Reform Act 2002 (c. 15) is an act of the Parliament of the United Kingdom. It introduced commonhold, a new way of owning land similar to the Australian strata title or the American condominium, into English and Welsh law. Part 1 deals with commonhold and part 2 deals with leasehold reform. Some supplementary material is covered in part 3. Commonholds were introduced to deal with the perceived unfairness of the existing leasehold system, and England and Wales being unique in not offering a legal option for ownership of common areas of shared buildings. It gives leaseholders the right to manage their properties more actively, by taking control of some rights otherwise held by the freeholder. Commonhold ownership has not become popular, and in 2018 the Law Commission launched a consultation into ways to expand usage of commonhold estates. See also *Leasehold estate *Leasehold Reform Act 1967 *Leasehold valuation tribunal References External link ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Apartment
An apartment (American English, Canadian English), flat (British English, Indian English, South African English), tenement (Scots English), or unit (Australian English) is a self-contained housing unit (a type of residential real estate) that occupies part of a building, generally on a single story. There are many names for these overall buildings (see below). The housing tenure of apartments also varies considerably, from large-scale public housing, to owner occupancy within what is legally a Condominium (living space), condominium (strata title or commonhold) or leasehold, to tenants renting from a private landlord. Terminology The term ''apartment'' is favoured in North America (although in some Canadian cities, ''flat'' is used for a unit which is part of a house containing two or three units, typically one to a floor). In the UK and Australia, the term ''apartment'' is more usual in professional real estate and architectural circles where otherwise the term ''flat'' is u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England And Wales
England and Wales () is one of the Law of the United Kingdom#Legal jurisdictions, three legal jurisdictions of the United Kingdom. It covers the constituent countries England and Wales and was formed by the Laws in Wales Acts 1535 and 1542. The substantive law of the jurisdiction is English law. The Welsh devolution, devolved Senedd (Welsh Parliament; ) – previously named the National Assembly for Wales – was created in 1999 under the Government of Wales Act 1998 and provides a degree of Self-governance, self-government in Wales. The powers of the legislature were expanded by the Government of Wales Act 2006, which allows it to pass Welsh law, its own laws, and the Act also formally separated the Welsh Government from the Senedd. There is currently no Devolved English parliament, equivalent body for England, which is directly governed by the parliament and government of the United Kingdom. History of jurisdiction During the Roman occupation of Britain, the area of presen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ten Minute Rule
The Ten Minute Rule, also known as Standing Order No. 23, is a procedure in the House of Commons of the United Kingdom for the introduction of Private members' bills in the Parliament of the United Kingdom, private member's bills in addition to the 20 per Parliamentary session, session normally permissible. It is one of the ways in which a bill may receive its first reading (legislation), reading. Introduction of the bill Any Member of Parliament (United Kingdom), Member of Parliament (MP) may introduce a Bill (law), bill under the Ten Minute Rule, although in practice it is only used by backbenchers. To qualify to introduce a bill under the rule, the MP in question must be the first through the door to the Public Bill Office on the Tuesday or Wednesday morning fifteen working days (usually three weeks) prior to the date they wish to introduce their bill. Due to the popularity of the rule and the difficulty in launching a private member's bill by other means, MPs have been know ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strata Title
Strata title is a form of ownership and housing tenure devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The word "strata" refers to apartments on different levels. Strata title was first introduced in 1961 in the state of New South Wales, Australia, to better cope with the legal ownership of apartment blocks. Previously, the only adequate method of dividing ownership was company title, which had a number of defects, such as the difficulty of instituting mortgages. This term also applies to house-type strata title units in Australia. Other countries that have adopted the Australian system (or a similar variant) of apartment ownership include: Canada (Alberta, British Columbia), Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Africa and the United Arab Emirates. Other countries have legislation based on similar principles but with different definitions and using different mechanisms in their administration. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Wills
Michael David Wills, Baron Wills (born 20 May 1952) is a British politician and life peer who served as Minister of State for Justice from 2007 to 2010. A member of the Labour Party, he was Member of Parliament (MP) for Swindon North from 1997 to 2010. Early life Wills was born in 1952 to Stephen Wills and his wife Elizabeth (''née McKeowen''). He has a younger sister. He went to the independent Haberdashers' Boys' School in Elstree, Hertfordshire and studied at Clare College, Cambridge, where he graduated with a double first in History ( BA). Following that, he joined the diplomatic service, gaining the highest mark in the entrance exam. He worked for HM Diplomatic Service from 1976 to 1980. He became a researcher for London Weekend Television from 1980 to 1984, being a colleague of Peter Mandelson. From 1984 to 1997, he was a Director of Juniper Productions. Political career He was elected as the MP for Swindon North in 1997 and quickly joined the government, working ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Commons Of The United Kingdom
The House of Commons is the lower house of the Parliament of the United Kingdom. Like the upper house, the House of Lords, it meets in the Palace of Westminster in London, England. The House of Commons is an elected body consisting of 650 members known as Member of Parliament (United Kingdom), members of Parliament (MPs), who are elected to represent United Kingdom constituencies, constituencies by the First-past-the-post voting, first-past-the-post system and hold their seats until Dissolution of the Parliament of the United Kingdom, Parliament is dissolved. The House of Commons of England began to evolve in the 13th and 14th centuries. In 1707 it became the House of Commons of Great Britain after the Acts of Union 1707, political union with Scotland, and from 1801 it also became the House of Commons for Ireland after the Acts of Union 1800, political union of Great Britain and Ireland. In 1922, the body became the House of Commons of the United Kingdom of Great Britain and No ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Times
''The Times'' is a British Newspaper#Daily, daily Newspaper#National, national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its modern name on 1 January 1788. ''The Times'' and its sister paper ''The Sunday Times'' (founded in 1821), are published by Times Media, since 1981 a subsidiary of News UK, in turn wholly owned by News Corp. ''The Times'' and ''The Sunday Times'' were founded independently and have had common ownership only since 1966. It is considered a newspaper of record in the UK. ''The Times'' was the first newspaper to bear that name, inspiring numerous other papers around the world. In countries where these other titles are popular, the newspaper is often referred to as or , although the newspaper is of national scope and distribution. ''The Times'' had an average daily circulation of 365,880 in March 2020; in the same period, ''The Sunday Times'' had an average weekly circulation of 647,622. The two ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Term Of Years
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold or fee simple where the ownership of a property is purchased outright and after that held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) periodically such as weekly or monthly. Terminology and types of leasehold vary from country to country. Sometimes, but not always, a residential tenancy under a lease agreement is colloquially known as renting. The leaseholder can r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciation
In accountancy, depreciation refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. Businesses depreciate long-term assets for both accounting and tax purposes. The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among the periods in which the asset is expected to be used. Account ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
