by Dr Carlos Bugeja – Senior Associate
Today, the Government launched a new scheme for those people who want to request the purchase of temporary directum dominium of Government property or leased property, used as an ordinary/summer residence, that is burdened with temporary emphytheusis (ground-rent).
Applications shall only be entertained if applicant gives proof that the property in question is being used as their ordinary residence or summer residence, and provided he does not have any arrears of payments.
The sale and redemption price for non-revisable temporary emphyteutical grants that commenced before 21 June 1979 and had been granted for a period of more than thirty years, is calculated in proportion of the payable groundrent per annum (for instance, a ground-rent of €5 per year is redeemable at the price of €1,500), plus a review against the Index of Inflation. In the case of emphyteutical grants commencing before 1946, the base index value shall be that for the year 1946 being the year when the index was first published. In the case of other temporary emphyteutical grants or in the case of leased dwellings (kera), the price shall be fixed on the basis of a valuation to be carried out by two architects appointed by the Lands Authority. In the case of summer residences, the price shall also be fixed on the basis of a valuation carried out by two architects appointed by the Lands Authority.
There are other conditions and some exclusions to this scheme.
Applications will be accepted from tomorrow, 1 October 2019.
For more information, please contact Dr Carlos Bugeja on email@example.com.
Disclaimer: This article is not to be considered as legal advice, and is not to be acted on as such. Should you require further information or legal assistance, please do not hesitate to contact Dr Carlos Bugeja on firstname.lastname@example.org.