weallpartied
Registered User
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- 4
Hi,
I am looking to purchase a place to live and have found a decent apartment in a small complex which was built in the 70s, the location is good, price within my budget, gounds well maintained. So I placed an offer the contract has been sent to my solicitor.
However the solicitors has flagged a major concern which is unlike apartment blocks of today this apartment only has a management committee rather than a management company. The leasehold on the apartment makes me liable for the walls and foundations. The management committee cannot force any resident to pay into the committee for the upkeep of the grounds. All owners bar one are paying into the fund, he has 10 years of arrears! An RTB search shows that only one apartment is rented out and that owner is paying into the fund as well.
The building is insured by the committee and there is a sinking fund that the residents pay into as well. I have had a proper survey carried out with no major issues highlighted or found
My solicitors concerns, which I share myself, is that more residents in time could 'opt out' of paying leaving a smaller subset with a higher bill while they all get the benefit.
Has anyone got any experience of a situation like this?
I am looking to purchase a place to live and have found a decent apartment in a small complex which was built in the 70s, the location is good, price within my budget, gounds well maintained. So I placed an offer the contract has been sent to my solicitor.
However the solicitors has flagged a major concern which is unlike apartment blocks of today this apartment only has a management committee rather than a management company. The leasehold on the apartment makes me liable for the walls and foundations. The management committee cannot force any resident to pay into the committee for the upkeep of the grounds. All owners bar one are paying into the fund, he has 10 years of arrears! An RTB search shows that only one apartment is rented out and that owner is paying into the fund as well.
The building is insured by the committee and there is a sinking fund that the residents pay into as well. I have had a proper survey carried out with no major issues highlighted or found
My solicitors concerns, which I share myself, is that more residents in time could 'opt out' of paying leaving a smaller subset with a higher bill while they all get the benefit.
Has anyone got any experience of a situation like this?