Jointly Owned Property - Ownership Calculation

Questions about living in properties with shared/common facilities
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BedotheCreak
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Joined: 27 Mar 2014 17:01

Jointly Owned Property - Ownership Calculation

Post by BedotheCreak » 05 Oct 2016 20:50

Hi,

Does anyone understand the calculation of ownership in a jointly owned building?

As the largest property owner (at 314 square metres) in our building, we are required to pay almost 10% of all common expenses (9.98%), although according to the Limassol Land registry we only own 6.04% of the building (shown on our title deeds).

What I find strange is that another property in the building is 137 square metres, and the ownership is 4.09%.

One of the shops in the building is only 84 square metres, and yet has 5.55% ownership, and yet another is 93 square metres and has an ownership of 4.79%.

How are these values calculated by the Land Registry? Has anyone else found this strange situation?

Cheers

Dave B.



Nigel Howarth
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Re: Jointly Owned Property - Ownership Calculation

Post by Nigel Howarth » 06 Oct 2016 09:40

Hi Dave

The percentage ownership isn't calculated by the Land Registry, it's calculated by the developer when he registers the building as being jointly-owned.

You can read about the process of registering a building as jointly-owned in the Department of Lands & Surveys Citizens' Charter (page 19.)

Regards,


Nigel Howarth
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