In this issue I have looked again at some of the points to watch when buying into a co-ownership property, such as a block of apartments.
Issues include owners' rights and obligations under the typical co-ownership rules, the quality and cost of managing the property by the owners' 'syndic', and the average costs involved when exceptional work is required and voted by the owners - outside painting, lift renewal, indoor decoration etc - exceptional costs that may be inherited by a new owner.
I also explain the workings of the owners annual meeting and the voting rights of each individual owner, each of whom owns a number of shares in the building according to the size of their apartment (the latter being owned outright, with the right to sell at any time).
French Propeerty News is sold on subscription and in newsagents (£3.99); www.archant.co.uk for further information.
Issues include owners' rights and obligations under the typical co-ownership rules, the quality and cost of managing the property by the owners' 'syndic', and the average costs involved when exceptional work is required and voted by the owners - outside painting, lift renewal, indoor decoration etc - exceptional costs that may be inherited by a new owner.
I also explain the workings of the owners annual meeting and the voting rights of each individual owner, each of whom owns a number of shares in the building according to the size of their apartment (the latter being owned outright, with the right to sell at any time).
French Propeerty News is sold on subscription and in newsagents (£3.99); www.archant.co.uk for further information.