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Flying freehold is a form of co-ownership: A larger property is divided into individual apartments, generally residential units, which as in any building in multiple occupation share certain areas (entry halls, stairways, lifts, gardens, yards, etc.) and services (drainage, electricity, etc.).
The co-owners together form an incorporated Association and abide by a declaration of co-ownership as registered in the Public Registry. This Association takes decisions in a general assembly of the co-owners.
A co-owner will have sole ownership of an individual unit and ownership in common of the common areas (the share or lot).
Freehold property can be defined as any estate which is “free from hold” of any entity besides the owner. Hence, the owner of such an estate enjoys free ownership for perpetuity and can use the land for any purposes subject to Jersey law and regulation.
Share transfer property is a form of co-ownership: A larger property is divided into individual apartments, generally residential units, which share certain areas (entry halls, stairways, lifts, gardens, yards, etc.) and services (drainage, electricity, etc.).
The company owns the property in which your flat is situated. You will own shares in the company. You will have an exclusive right of occupancy of the flat but you do not actually own the flat.
The company is guided by its articles of association (the “Articles”). The Articles will set out how the company will be run, the rights of the shareholders, directors and details of the different units. The Articles are in effect the agreement between the company, the directors and the shareholders.
How long will the process take?
In usual course you should aim at around 1 month from instruction. However it will depend upon your lender and the survey on the property.
Will I have to attend the Royal Court to pass contract?
If you are buying a freehold or flying freehold you will be required to attend Royal Court. If you are purchasing a share transfer property you will not need to attend court.
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