It introduced commonhold, a new way of owning land similar to the Australian strata title or the American condominium, into English and Welsh law.

[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.

[4][5] 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,[6][7] and in 2018 the Law Commission launched a consultation into ways to expand usage of commonhold estates.

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