Affordable Housing – Hassans Centenary Terraces

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