Contact a Lawyer

Affordable Housing – Hassans Centenary Terraces

17.04.2020 News

Affordable Housing – Hassans Centenary Terraces

Gibraltar Residential Properties (GRP) will soon be calling all the successful applicants to confirm that they have been allocated an apartment at Hassans Centenary Terraces.

Most individuals will only purchase one or two properties during their life time, so if you are one of the successful applicants, you need to ensure that you understand the process, are fully aware of the risks involved and the obligations that you will have to meet.

What happens next?

If you are allocated an apartment, you will be required to sign a reservation agreement and pay a non-refundable reservation fee of £500 by 5.00pm on the third business day after allocation of the apartment. Upon allocation of an apartment to you, according to the conditions of sale, you will receive the following documents:

  • Purchase Agreement;
  • Draft Deed of Underlease;
  • Draft Deed of Assignment;
  • Draft Constitution of the Management Company; and
  • Draft Co-Ownership Scheme documents (where applicants are buying on a co-ownership basis).

Within ten working days from you signing the reservation agreement, you are obliged to sign a purchase agreement and thereafter pay monthly instalments of 0.655% of the sale value of the apartment up until the date that you complete your purchase.

Why should I use Triay and what will you do?

Triay is a full-service Gibraltar law firm divided into a number of distinct practice areas, one of which is the property team. The Property Team is recognised by a number of legal directories, which includes the only Hall of Fame lawyer in Gibraltar ranked by Legal 500.

We offer a professional, expedient and informative service which ensures that you are aware of:

  • the effects of the documents and the rights and obligations they create;
  • the conveyancing process and any risks arising from it;
  • what you may expect in the construction of the building; and
  • what is expected of you before and after you are handed the keys to your property.

We will also advise you in your obligations to any lender. We will review the documents relating to your purchase, and will provide you with a breakdown of the costs and expenses you will incur during the process.

We would be delighted to assist you with this important step and to advise you from the date of the allocation of the apartment up until the point you are handed the keys.

If you would like to find out more about how much our services cost and what we can offer you, please get in touch with our property department: HCT@triay.com

Disclaimer:
This document has been issued on the 17th Apr 2020 by Triay Lawyers Limited, trading as Triay Lawyers, a Gibraltar private company limited by shares with registered office at 28 Irish Town, Gibraltar, GX11 1AA and with incorporation number 112599. The information in this document is for general information purposes only and does not constitute professional advice, legal or otherwise and does not intend to be comprehensive. Triay Lawyers does not accept responsibility for any loss that may arise from accessing or relying upon the information contained in this document.

Recent Posts

Celebrating 100 Years: Sergius Pelayo Triay & Helena Normanton

By Dhiraj Nagrani

Celebrating 100 Years: Sergius Pelayo Triay & Helena Normanton

Triay Welcome Three Trainee Lawyers

Triay are delighted to announce that , Kayleigh-Anne Revagliatte-Céline Bolanos and Johnluis Pitto have joined Triay Lawyers Ltd as part of our latest cohort of Trainee Lawyers.

Triay Lawyers Ltd becomes the latest Strategic Partner to join CWEIC

The role of CWEIC is to use the convening power and trusted network of the Commonwealth, which is led by Her Majesty The Queen, to drive trade and investment.

Independent Audits

By Helen Murphy

When was the last time the compliance function of your financial business was independently audited? Did you know that there is an expectation by the GFSC for an audit to take place at le

Triay Lawyers secures arrest and sale of M/Y AXIOMA

Triay Lawyers secures arrest and sale of M/Y AXIOMA

Fintech Laws and Regulations Gibraltar

ICLG Fintech Laws and Regulations Gibraltar Chapter covers a broad overview of common issues in fintech law and regulation.

Categories

Similar Articles

Celebrating 100 Years: Sergius Pelayo Triay & Helena Normanton

By Dhiraj Nagrani

Celebrating 100 Years: Sergius Pelayo Triay & Helena Normanton

Triay Welcome Three Trainee Lawyers

Triay are delighted to announce that , Kayleigh-Anne Revagliatte-Céline Bolanos and Johnluis Pitto have joined Triay Lawyers Ltd as part of our latest cohort of Trainee Lawyers.

A LEADING INDEPENDENT GIBRALTAR
LAW FIRM WITH A REPUTATION FOR
LEGAL EXCELLENCE SINCE 1905

Tria & Triay Logo