Wednesday, November 24, 2021 - 09:44

Following on from the recent updates on completion dates for the new affordable estates, the Government would like to provide an additional update on the payment of instalments by purchasers.

The purchase agreements for these estates state that instalments have to be paid monthly from the date of signature until the date of completion of the purchase of the flat. However, as a result of the inevitable delays arising from the effect of the COVID pandemic, purchasers will only be obligated to pay a minimum of 36 monthly instalments. After this, purchasers can continue paying either the full monthly instalments or 50% of the monthly instalments if they so wish; however, they may choose to stop paying instalments at any point after the 36th month and prior to completion.