What is the difference between Leasehold and Commonhold ownership?

Click on the video below to listen to Property Manager, Jamie discuss the difference between Leasehold and Commonhold ownership.

 

 

"The difference with Commonhold is the individual property owners own everything. There is no landlord or freeholder to worry about. Each property owner becomes a member of the Commonhold Association, which owns and manages the shared part of the property, under a set of rules approved by the association. Under leasehold ownership, this is limited by time. Once the lease is expired, it will revert back to the landlord."