Co-ownership and how to do it
Setting up your own co-ownership scheme
Co-ownership schemes apply to your building from the moment it is completed, i.e. declared habitable. Bouygues Immobilier appoints a notaire to draw up the co-ownership scheme rules, a copy of which is provided to you at time you sign the contract of sale.
Bouygues Immobilier also selects a syndic provisoire (provisional management company) to ensure that the co-ownership scheme works as it should, right from the outset. At the end of the year, the general meeting of co-owners votes either to reappoint the syndic provisoire or appoint a replacement.
Bouygues Immobilier also selects a syndic provisoire (provisional management company) to ensure that the co-ownership scheme works as it should, right from the outset. At the end of the year, the general meeting of co-owners votes either to reappoint the syndic provisoire or appoint a replacement.
What does being a co-owner mean?
Like all co-owners, you will own a part of the building, referred to as a “lot”. Each lot includes a private element (apartment, commercial premises, cellar, etc.) and a proportion of the common parts of the building (the land on which the building stands, the courtyard, access road, roof, walls, stairways and corridors). This division enables the shared costs to be divided fairly between co-owners, and is used as the basis for calculating the number of votes each co-owner has at the general meeting.
Votes are expressed as decimal fractions (thousandths, tens of thousandths, etc.).
These fractions are proportional to the relationship between the value of your “lot” and those “lots” belonging to other co-owners.
Votes are expressed as decimal fractions (thousandths, tens of thousandths, etc.).
These fractions are proportional to the relationship between the value of your “lot” and those “lots” belonging to other co-owners.
Your role as co-ownership investor
If your investment is to be profitable, it is essential that you involve yourself with the management of the co-ownership. Attending general meetings allows you to make sure you’re up to date with the property management budget and the progress of any maintenance works, and to approve (or reject) communal expenditure. A well-managed co-ownership scheme adds value to your asset for both tenants and buyers. And when you feel you’re ready for more involvement, why not become a member of the management committee?
How co-ownership works
The way a co-ownership works is governed by its rules, which set out the rights and obligations of the co-owners. It also identifies which parts of the building are private, and which are communal. Our advice is to keep this document in a very safe place! You’ll need it if there is ever any dispute.
There are three bodies involved in the management of a co-ownership scheme.
There are three bodies involved in the management of a co-ownership scheme.
- The General Meeting : this is open to all co-owners and is the forum in which all the important decisions are taken. It meets at least annually, with meetings being convened by the syndic (management body). Voting on resolutions is governed by strict legal conditions.
- The syndic : the syndic represents and administers the co-ownership. The annual meeting votes to appoint the syndic and authorises it to implement its decisions and ensure that the rules are applied, as well as looking after, protecting and maintaining the building.
- The conseil syndical : the conseil syndical (management committee) assists the syndic and supervises the management it provides. It is made up of a small team of co-owners appointed by the general meeting. All co-owners are eligible for membership.
Co-ownership charges
As a co-owner, you are required to pay your share of the communal charges, although as a landlord, you can pass some of these charges to your tenants.
There are 2 types of charge:
Some co-ownership charges are payable by your tenants:
There are 2 types of charge:
- general charges: these cover the upkeep, maintenance and administration of those parts of the building common to all co-owners,
- special charges: these apply only to a few communal areas involving particular co-owners.
Some co-ownership charges are payable by your tenants:
- the cleaning of communal areas (building maintenance contract) and repairs to collective facilities and communal areas (lift, gardens, etc.),
- part of the security charges.