The Land Registry has launched a consultation document that will change the way borrowers register for commonhold documents and freehold estates.
The consultation on the draft Commonhold (Land Registration) Rules concerns the land registration process for commonhold documents and the registration of freehold estates in commonhold land under the Commonhold and Leashold Reform Act 2002, which received Royal assent earlier this year.
Marion Shelly, spokesperson for the Land Registry, said: ‘The Act paves the way for changes to the system of ownership of land by long lease. The consultation aims to overcome problems with the current leasehold system, and is open to all interested parties.’
A review of consultation responses will be published before the end of the year and it is anticipated that the Act will come into force at the end of 2003.
