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@wvm
Is the concern the lack of a management compant or a lack of detail in the lease for the apportionment of repair costs. If the former then it's probably not the end of the world as it should be possible to force all owners to contribute. If the latter then it is more likely to be a problem.
A good example may be a future problem with the roof which all owners would usually contribute towards. The lady on the ground floor could refuse to pay a share as in her eyes it's not her problem but the owner of the top flat only.
The real problems with leaseholds probably arise when owners are asked to dig deep for expensive repairs and improvements. Without a rock solid contract to force payment there are always likely to be individuals who will try to avoid contributing.
^ All IMO and without any legal training caveat, etc....