Commonhold combines freehold ownership of a single property within a larger development and membership of a limited company that will own and manage the common parts of the development..
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 	<li>Each residential flat in a commonhold building is referred to as a <strong>unit</strong> and the owner of a unit will hold the freehold. In a mixed-use development, each commercial premises will also be a unit.</li>
 	<li>The freehold of the common parts is owned freehold by the <strong>commonhold association</strong>, which is a company limited by guarantee. The common parts will include all shared areas including the structure of the building, hallways, staircases, lifts and gardens.</li>
 	<li>All unit holders will be a member of the commonhold association which will own a share in the freehold of the common parts. This differs from current leasehold ownership where some tenants own the freehold through a company, but not all leaseholders are a member of the company that buys the freehold.</li>
 	<li>The <strong>commonhold community statement</strong> sets out the standard rules governing the use and management of each unit, the rights and obligations of the commonhold association and each unit holder. The commonhold community statement should be in a prescribed form, so the same rules apply to every unit in every commonhold development.</li>
 	<li>The rights and obligations of unit holders and the commonhold association are <strong>mutually enforceable</strong>, which means a unit holder can enforce the obligations contained in the commonhold community statement on another unit holder directly. This is one of the key advantages of commonhold, as opposed to a typical leasehold structure, where enforcement action against another tenant would usually need to be taken by the landlord.</li>
 	<li>Each unit holder contributes to the costs incurred by the commonhold association for the management and maintenance of the building. This commonhold assessment is similar to the service charge in a leasehold structure.</li>
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