Jointly Owned Property - Ownership Calculation
Posted: 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.
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.