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.
Jointly Owned Property - Ownership Calculation
-
- Site Admin
- Posts: 2919
- Joined: 24 Oct 2007 14:38
- Location: Erimi, Limassol, Cyprus
- Contact:
Re: Jointly Owned Property - Ownership Calculation
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,
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
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news