Property Law provides only partial relief
Sep 15th 2005, 9:46 am
#1
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Joined: Apr 2005
Location: Melbourne
Posts: 4,553
Property Law provides only partial relief
Dubai's much awaited new property law will only deal with some of the issues faced by non nationals according to Essam Al Tamimi - partner in a leading local law firm.
The new law will in the first phase of implementation cover such things as
1. land registration
2. title, mortgage
3. Sale transfer and issuing title for non nationals
It will not cover issues relating to common areas, issues of association, service charges or secondary market sale of property.
Clarity and regulation on key issues, such as service charges - which are currently unregulated could potentially leave buyers exposed to huge additional expenses. This may be dealt with in the second phase implementation, but unlikely to be any time soon.
IG
The new law will in the first phase of implementation cover such things as
1. land registration
2. title, mortgage
3. Sale transfer and issuing title for non nationals
It will not cover issues relating to common areas, issues of association, service charges or secondary market sale of property.
Clarity and regulation on key issues, such as service charges - which are currently unregulated could potentially leave buyers exposed to huge additional expenses. This may be dealt with in the second phase implementation, but unlikely to be any time soon.
IG
Sep 15th 2005, 11:01 am
#2
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Joined: Oct 2004
Location: Back in the sand
Posts: 1,279
Re: Property Law provides only partial relief
Originally Posted by IndieGirl
but unlikely to be any time soon.
It would be a good thing if/when it comes however (not being too cynical) I'm not going to be holding my breath....
We should start a book on when the law actual does get implemented as law on the statute books. 50AED in and all pick a month from now til the end of 2006 say 2006 might be a bit optimistic), winner takes all....
Sep 17th 2005, 6:28 am
#3
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Posts: n/a
Re: Property Law provides only partial relief
Is there regulation on service charges in the UK?
I was living in an apartment building in London a couple of years ago and they put the service charge up by 35% one year. What were our options
1, Move
2, Form a residents committee, wait six months, do surveys, get 75% (olr something) of the residents to agree to your plan, then attempt to buy the freehold of the building and form our own management company. Something nigh on impossible in a complex with 150 apartments.
I was living in an apartment building in London a couple of years ago and they put the service charge up by 35% one year. What were our options
1, Move
2, Form a residents committee, wait six months, do surveys, get 75% (olr something) of the residents to agree to your plan, then attempt to buy the freehold of the building and form our own management company. Something nigh on impossible in a complex with 150 apartments.
Sep 17th 2005, 7:53 am
#4
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Joined: Jan 2005
Location: Dubai
Posts: 888
Re: Property Law provides only partial relief
Originally Posted by W10
Is there regulation on service charges in the UK?
I was living in an apartment building in London a couple of years ago and they put the service charge up by 35% one year. What were our options
1, Move
2, Form a residents committee, wait six months, do surveys, get 75% (olr something) of the residents to agree to your plan, then attempt to buy the freehold of the building and form our own management company. Something nigh on impossible in a complex with 150 apartments.
I was living in an apartment building in London a couple of years ago and they put the service charge up by 35% one year. What were our options
1, Move
2, Form a residents committee, wait six months, do surveys, get 75% (olr something) of the residents to agree to your plan, then attempt to buy the freehold of the building and form our own management company. Something nigh on impossible in a complex with 150 apartments.
Where does Essam Al Tamimi get his facts from anyway, or is this just somebody looking for a bit of free publicity for his law firm? Wow, I'm getting really cynical since I moved to Dubai...
