Status of Title on apartment

[roytheboyo]

Hi all,
Half thinking of buying an apartment and just wondering what the craic is with title. I believe that you never hold an apartment freehold, its always leasehold but my questions are:
How long is this lease typically for?
To whom does ownership revert after the lease?
Anyone experience problems with this in the past?
Why is it not freehold?
Thanks in advance.
Roytheboyo

 

[mf1]

How long is this lease typically for? 999 years

To whom does ownership revert after the lease?
Management Company but does it matter?

Anyone experience problems with this in the past?
Only if it is a shortish lease - say less than 80 years - lenders don't like.

Why is it not freehold?
To impose similar enforceable covenants and obligations on every apartment owner.


mf

 

[Carpenter]

Not sure about this, but generally I believe your apartment may enjoy freehold title but the common areas and any balcony or garden tends to be held in leasehold with the members of the management company (you) being the owners of the leasehold interest.