5. Andreas wants to buy an apartment for €150.000 but he is informed that there is a mortgage on the whole block of flats for the amount of €1.000.000 and that the value factor of the apartment to the total value of the block of flats is 5/100. Advise him how the Sale of Immovable Properties (Specific Performance) Law 81(1) of 2011 protects him and what he must do so that he can buy the apartment free of the existing mortgage.

5. Andreas wants to buy an apartment for €150.000 but he is informed that there is a mortgage on the whole block of flats for the amount of €1.000.000 and that the value factor of the apartment to the total value of the block of flats is 5/100. Advise him how the Sale of Immovable Properties (Specific Performance) Law 81(1) of 2011 protects him and what he must do so that he can buy the apartment free of the existing mortgage.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Anne Murray is planning to buy a rental property, in addition to the family home she and Henry own. She is considering a property in Bristol costing £210,000. She has savings of £85,000 which she will use as a deposit but will need to borrow the remaining amount for the purchase. She has had a fixed-rate mortgage agreed in principle by Royal East Bank, for which she will be charged 4.75% interest. She wants to know what income she might expect to get on her investment. Local agents have estimated that the monthly rent may be £1,450 per month, with agent’s fees for managing the property being charged at 5% of the rent. Provide Anne with an estimate of the relevant costs of renting the property and the net rental income that she might expect to get. Anne has estimates for some of the other costs she will incur as follows: Repairs and maintenance per year £700 Property insurance per year £395 Mortgage arrangement fee £1950…
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Anne Murray is planning to buy a rental property, in addition to the family home she and Henry own. She is considering a property in Bristol costing £210,000. She has savings of £85,000 which she will use as a deposit but will need to borrow the remaining amount for the purchase. She has had a fixed-rate mortgage agreed in principle by Royal East Bank, for which she will be charged 4.75% interest. She wants to know what income she might expect to get on her investment. Local agents have estimated that the monthly rent may be £1,450 per month, with agent’s fees for managing the property being charged at 5% of the rent. Provide Anne with an estimate of the relevant costs of renting the property and the net rental income that she might expect to get. Anne has estimates for some of the other costs she will incur as follows: Repairs and maintenance per year £700 Property insurance per year £395 Mortgage arrangement fee £1950…
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