Originally Posted by kearnsr
How does the number of years of the lease effect me?
How likely is the is the developer going to accept penalities if they are late from closing date?
What do you mean about being a memebr of the management company and why wouldnt you be allowed to join the management company?
Also why would I recieve a draft lease? I'm buying the apartment so I was expecting a contract for purchase.
first things first, because u are buying an apartment , a communal property on shared ground,u are not the owner of the property, and never will be, u are buying an interest in the unit u have chosen, an interest governed by the fresh issue of a long term lease usually 999 years at a very low annual rent like 10 euro a year. if the developer doesnt own the freehold of the land but owns a long lease of 50 years he cannot give u what he does not own so can only give u what he has like a 50 year interest.
at the end of the lease term ur interest finishes and the property reverts to the freeholder.
in the issue of a new lease, u need to see this lease and accept it. many terms are standard but u should know what u are signing.
u will not be able to get the developer to accept penaltys inhis late closing, not a prayer to be honest, they have 28days to close from the date a completion notice is issued anyway so u can issue a completion notice the next day after the closing date if he is late closing.
the contract u sign is irrelevent except the closing date, and interest rate,and its the draught lease that accompanies it thats important.when u sign contraact one of the terms in it is u accept the draught lease.
my advice is dont stall the sale or they might reneg on the deal in these boom times.