# When you own an apartment, what do you actually own?



## kennyFTB (21 Mar 2008)

Hey,

I know this may seem like a stupid question but can't get a straight answer from anyone about it and can't find an answer in previous threads( If you can, direct me to it and I would be most grateful)

My question is as above. If, for some reason an apartment building had to be demolished and you owned an apartment there. What are your rights? What do you actually own?

Regards,
KFTB


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## Guest120 (21 Mar 2008)

*Re: When you won an apartment, what do you actually own?*

Congratulations, but I think you may need to change the thread title!


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## kennyFTB (21 Mar 2008)

Thanks for that! I can't even blame the drink today for that mistake lol


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## shesells (22 Mar 2008)

I don't think you can ever actually *own* an apartment as you can never own the external walls as they are shared among all the apartment owners in a block. We had a 1000 year lease on ours which is now down to 996 and the clock is ticking!

But it is an interesting question, if a block is demolished in a development of several blocks, is it the "owners" or the management company that get compensated?


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## Askar (22 Mar 2008)

You are the owner of space within the development including some internal structures. You are also a part owner of the external structures and common areas (as shareholder of the management company).


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## kennyFTB (22 Mar 2008)

Thanks for the answer. That clears things up a small bit.


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## Guest121 (23 Mar 2008)

shesells said:


> I don't think you can ever actually *own* an apartment as you can never own the external walls as they are shared among all the apartment owners in a block. We had a 1000 year lease on ours which is now down to 996 and the clock is ticking!
> 
> But it is an interesting question, if a block is demolished in a development of several blocks, is it the "owners" or the management company that get compensated?


 
It should be both.

The money will be given to the management company (and they should have an insurance policy to cover all eventualities) but you are a shareholder within said company so you will get the money through the management company.


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## shesells (23 Mar 2008)

My question was more that if block A which has 12 apartments is demolished is it just the 12 owners that get the money or all 80 members of the management company?


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## AmIok (23 Mar 2008)

Are we talking about The Maltings here?


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## shesells (23 Mar 2008)

No - general Q?


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## kennyFTB (23 Mar 2008)

It was just a general question, not in relation to a specific development or block of apartments. Apologies for any confusion.


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## Guest121 (27 Mar 2008)

shesells said:


> My question was more that if block A which has 12 apartments is demolished is it just the 12 owners that get the money or all 80 members of the management company?


 
Just the 12 as the block will be insured with the relevant owners getting recompensed.


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