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What is stopping a person buying an apartment in a student village?

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  • 18-07-2013 1:38pm
    #1
    celticcrash
    Registered Users Posts: 849 ✭✭✭


    .
    What is stopping a person buying an apartment in a student village
    and not renting it out but living in it. Not a student


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    #2
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    What do you mean by student village? You mean like campus accomodation?


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    #3
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Because they are what is called Section 50. There were tax advantages but also strict usage clauses attached to their construction.


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    #4
    celticcrash
    Registered Users Posts: 849 ✭✭✭celticcrash


    Anyone see any legal reasons why a person can just buy one and use it as their abode.


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    #5
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Did you read my post above?


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    #6
    Marcusm
    Registered Users Posts: 10,328 ✭✭✭✭Marcusm


    celticcrash wrote: »
    Anyone see any legal reasons why a person can just buy one and use it as their abode.

    Will depend on the particular scheme but generally while you purchase an apartment you have no right to occupy it as it as already been pre let to a management company which organises the student and (often) holiday lets. Those leases will differ from institution to institution but may exceed the 10 year period or which the unit must be maintained for student use to avoid a clawback in tax reliefs. After the termination of that master lease, you should be able to get vacant possession of the unit but it may still be subject to restrictive covenants within the lease granted by the developer (which you become subject to when you take an assignment of it - you will likely have to assume related obligations to enforce your rights under the lease).


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    #7
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    One of the clauses of section 50 was that it had to be rent to students for 10 years. A lot of the buildings that were built as section 50 are nearly/are over 10 years old and therefore meaning they are no longer have to be rented to students.

    But do you want to live in a block of twenty somethings partying most nights. Plus a lot of the blocks in Dublin have full time security and the management fees are extremely high


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    #8
    Victor
    Registered Users Posts: 78,411 ✭✭✭✭Victor


    you may also find that after X years that the property reverts to the college and you are left with nothing.


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    #9
    Motopepe
    Registered Users Posts: 111 ✭✭Motopepe


    celticcrash wrote: »
    .
    What is stopping a person buying an apartment in a student village


    It's not for sale


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    #10
    petecork
    Registered Users Posts: 83 ✭✭petecork


    Motopepe wrote: »
    It's not for sale

    not true, theres lots of apartments for sale in student villages (section 50)

    eg
    http://www.daft.ie/searchsale.daft?id=617780

    http://www.daft.ie/searchsale.daft?id=417954


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