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The Act provides for common leasehold schemes, i.e. a scheme registered under this Act for the division of a parcel of land and its buildings into units. “Units” means the part of the parcel of land and buildings specified as a unit in a common leasehold scheme together with the share of the common property appurtenant thereto.The Act consists of 27 sections divided into 6 Parts: Preliminary (I); Common Leasehold Schemes (II); The Body Corporate under a Common Leasehold Scheme (III); Phased developments (IV); Variation and Termination of A Common Leasehold Scheme (V); Miscellaneous (VI).Land registered in the Land Register may be subdivided by registering a common leasehold scheme in the manner provided by this Act. The Registered Proprietor of a parcel of land on the Lands Register may apply to the Registrar for the registration of a common leasehold scheme in relation to the parcel under section 4. Section 5 specifies the content of a common leasehold scheme. Upon the registration of a common leasehold scheme, the unit-holders shall constitute a body corporate in accordance with provisions of Part III. The body corporate shall be governed by this Act and the by-laws of the body corporate as set out in the Schedule to this Act. The unit-holders under a common ownership scheme may, by unanimous resolution, create easements and covenants. Part IV concerns a common leasehold scheme which includes units for which no Certificate of Title has yet been issued.
