Management Fee

B

beezkneez

Guest
Hi - Sorry if this has been done to death but couldnt find a relevant thread. I am just in the middle of purchasing an apartment. Fees will be payable on completion - just wondering do you usually pay % of year that you will be there in first year (as it is almost May now) or will i have to pay for a full year up front as it is my first year? Anyone any experience with that?
Thanks for your help here.
 
Hi, when I lived in an apartment, the management fees were calculated and paid in advance, pro rata for the remainder of the year you bought in, and refunded if you sold during the year. Our fee year started in April, so you will need to check when the year starts.
 
Basically it works like this. You are liable for the Management Fees from the day you become the owner until the day you sell the property. Your solicitor should do an apportionment account for the part of the year thst you didn't own and for which the previous owner is liable.
 
we paid the full annual fee when we bought, the date didn't matter, so you would need to check with management agent / solicitor for what applies in you case.
 
Management fee/service charges

I think the norm for new complexes is that you pay for the full year irrespective of when you buy and the following year your account is credited with the portion for which you were not the owner of the unit.

Have a look at www.apartmentowners.ie

However if you are buying second hand apt you should only pay the amount that is applicable from the date you buy to the end of your management companies financial year.
 
I repeat, you are only liable from when you own the property. If you were buying a car, would you pay for the previous owner'a Insurance as well as your own ?
 
Thanks folks - Solicitor is looking into it for me anyway. Could do with keeping costs low at the moment as i have alot of things to buy for new place but sure ill see what happens.
 
You must log in or register to reply here.
Back
Top