By virtue of Legal Notice 216 of 2019 the legislation provides for the redemption of land belonging to the Government/Lands Authority which is held under a revisable perpetual empytheusis.
Any person who holds such property may request the Lands Authority to redeem that property any time. Yet, the said redemption should not terminate the conditions of the original perpetual emphyteutical deed.
The eligibility criteria are the following:
i) The applicant must be a citizen of the European Union;
ii) The applicant should be recognised by the Lands Authority as an emphyteuta of the property or have submitted an application to be recognised as such and is still awaiting such recognition. The application process cannot start prior to recognition of the applicant by the Lands Authority; and
iii) Should prove that there are no arrears due to the Lands Authority of ground rent payment on the property for which the application is being submitted.
The emphyteuta of the property under a title of perpetual and revisable emphyteusis belonging to the Government or to the Lands Authority has the option to redeem the groundrent as provided in these Regulations, unless the deed itself provides differently as to how the redemption may be effected.
The Regulations stipulate also the criteria for the value of the redemption of the property and the documents required to be submitted with the application for redemption, together with a sworn statement that the entire content of the application is truthful and that no information has been omitted.
Any redemption deed is subject to the Board of Governors' approval and will be subject to such conditions imposed by the said Board of Governors. The redemption should be effected by a public deed.
This legal notice contains also transitory provisions with respect to any request for redemption of perpetual and revisable ground rent of property belonging to the Government or to the Lands Authority before the entry into force of these Regulations, which requests will be examined and decided according to these Regulations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.