clawback percentages for citywest plaza?

I think I was there the same day as well. All I have is paid the €3000 booking fee. Still waiting on loan approval.
Do we definately have to pay the managment fee in one go? Does that cover you for a year?
 
I was just looking at the crappy breakdown of the management fees and the contingency fund is the most expensive thing at €15,000??? What are they expecting to happen? A hurricane on the building?
The bins are €7000. Does that include recycling as well?
They have another fee called 'management' that is €12,100 and adminstration of €500. The one that really winds me up is 'General Mangement Fund Contribution' €11,400 What the hell is that for?
 
Also I have been reading comments people have left about this particular managemnt company and nothing good has been said about them and apparently it isn't unusual for them to hike up the fees every year!
 
THe management fee thing is mad, i thought the solicitor would get a proper breakdown of things and maybe argue about certain things on it ???, as far as i am aware the management fee has to be paid up front (i think its perhaps cause they know people will argue and get rid of them) and i think that if you are buying AF you have to pay up front and next year it can be paid in quartly installments

but nobody has said yeah its a year from oct to oct or anything to us, i might get back onto the solicitor and ask about that, my loan offer is not in yet either

regarding the clawback on the letter from the council (oo maybe i will get onto them regarding management fees ??)

it says the current market value is 295 and the purchase price is 206565 and the clawback percentage is 29.98. i was talking to the mortgage broker and she says the clawback only affects when you want to sell the property on

i was also looking up the management company and they did not get good review but to be honest i dont think any management companys do.
 
I was talking to the person i know who lives in the belfry and she was saying that most management companys have a skinking fund (i assume contingency fund) and what happens there is they put that money aside so say if a lift breaks completely or something deastic happens they dont have to have a drastic hike in the management fees (although 400 odd is pretty drastic to me)
 
Hi

I got my contract from the solicitor in the post yesterday. Im annoyed about the break down of MF its a joke!
 
I can't believe that it has to be paid up in full. I am really thinking of walking away now.
Still nobody is coming back with answers to me and I have heard nothing about a snag.
Say we pay the fee in full for a year (although what year I don't know) and sack the management company, do we get the 'contingency fund' back or does that roll over? I'd still like to know what the management fund contribution is?
Plus the last day I went down to look at the apts, there was one block they couldn't get into as the secuirty key pad was waterlogged and they had to get someone out to fix it. I thought that was a bit strange for a new building and I hope that won't happen a lot.
 
i was looking at the contracts regarding management fees and on the price list (extortion list) it says O'farrell Property management but on the lease part it says Place Property Limited...whats up with that

2 people I know have had to change management companies so i will ask them if the contingency fees roll over to the next management company
 
Hi All

Just got a call off SDCC to say they wont budge on the clawback and the market value so me thinks im backing out! i just dont think its worth the hassel at the mo and maybe something better could come up if i wait. Still havent really mad up my mind and have to have a good think about it. Also i quizzed SDCC on the phone about MFees and they said alot have complained about the fees and they are in the process of talking it through with the developers coz SDCC know ppl are going to back out coz of high fees!! so watch this space :)
 
Well that sounds good about the MF. Hopefully they will do something about that.
However the clawback is another issue. I can't believe they won't back down on that. I think if the Bank believe the property is overvalued then they probably won't lend the money anyway.
 
i agree the bank would not lend the money if they didnt think it was worth it. the whole part of the clawback is to prevent ppl from pocketing profits so thats why the council want half of it.
 
I completely understand that but we are going to have to pay back clawback regardless. I just want to amke sure I am paying the correct amount of clawback and not getting ripped off.
I think the reason the won't reduce it is soemthing to with what they agreed with the developer. I have heard of people successfully renegotiating the clawback in other developments.
 
HI

that is good news regarding management fees they are rediculous

re:clawback i think the valuation price of the apartment is the price the apartment was worth when the council signed their forms (so its probably why they will not back down regarding clawback) so if they signed and it was worth 300 and the next day its worth 250 they still go with 300

some apartments in priors gate are being sold by property path for 300K (ah not even AHI) cause that is what the council signed for them, so they probably have some legal obligation regarding the sum they paid for

to be honest i am happy enought about the clawback, you have to look at it this way ... are you going to be happy to live there for 5 - 10 years cause if so you are not going to loose out on any money and you may in fact make some ..... cause the luas is going up there and all the employment in the area

my main concern is the management fees after all it would be quite a buren to us to pay it back i think it would be hard to sell on a huge management fee
 
and to be honest i dont think i am going to (a) get anything for the price and (b) get a mortgage for anything higher

if you are really unhappy with the apartment then back out, but if you are happy with the apartment go ahead with it, i think there is just property mainia at the moment and scaremongering
 
Hopefully they will sort something out with the management fee. A dramatic reduction I hope or at least a proper breakdown of what we are paying for!
 
i just really need to think about it. i wont get anything else in my budget so maybe i should go with it. hopefully MF will drop!! SDCC had said to me on the phone that they know ppl will back out with the MF being so high. so thats positive
 
Hi, is this all subject to Mortgage approval? Is so then legally you probably are allowed to back out???

maybe your solicitor will be able to tell you.
 
Hi Sammie
I haven't signed anything yet, so I should be ok. The next step is for my bank to send out their valuer. I am waiting to hear back about the maintenance fee first before I proceed any further.
 
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