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Commonhold is a good alternative to discredited leasehold, where the balance is strongly in favour of freeholders over leaseholders at the moment. Many freeholders do nothing for their ground rents and permission fees, and are just in the business to make money from captive leaseholders.
A remote freeholder is not required to manage a building, and many do not do that function anyway. A good Commonhold Association can do that. Commonhold works elsewhere, why do England and Wales have to be different, unless the main aim of keeping leasehold is to protect vested interests ? If a group of flat owners do not want to get involved, then the court can appoint a managing agent for them. Much of the legal profession is complicit in maintaining feudal leasehold in England and Wales, because there are fat fees to be made in drawing up complicated leases for freeholders to exploit, and antique and complex law that encourages conflict so further benefitting lawyers.
I agree that lenders need protection in a Commonhold situation, so change the law to give them confidence. Lenders and lawyers need to look forward, support and encourage Commonhold, not be complicit in maintaining feudal, unjust leasehold.