The law on the termination of shared property for apartment houses has entered into force

6 sausio, 2023 Naujienos

On 1 January 2023, the Law on Termination of Forced Shared Property in Privatised Apartment Houses entered into force, which gives apartment owners of apartment houses in forced shared ownership relationships the right and opportunity to redeem the land attached to the house for its cadastral value.

The aforementioned law will ensure the possibility to terminate the forced divided property, when there is apartment house with privatised apartment properties on the land owned by another person. In other words, if the apartment owners want to, they will have the right to buy out the part of the land, on which the apartment house is located, for the cadastral value of the land. In addition, if the apartment owners decide to buy out the land under the apartment house, the landowner will not be able to refuse them this opportunity.

Therefore, by using this special right existing on the basis of the law to buy the land owned by the land owner, the apartment owners will no longer be obliged to pay the user charges for the use of the land owned by another person.

A more detailed description on the exercise of the rights provided for by the law is available below.

Termination of Forced Shared Property in Privatized Apartment Houses: