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Question of legality of apartment purchase situation

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  • 10-07-2017 4:04pm
    #1
    Kieran01
    Closed Accounts Posts: 29 ✭


    Hello,
    I am viewed an apartment for purchase over a spar today. The estate agent claimed the following:

    1. The spar is leased out.

    I am presuming there is an owner of the whole building and he is selling off the apartment bit and keeping the spar bit but I need to look into this more.

    2. The owner occupier (which I would be) arranges rubbish collection with Dublin City Council themselves.
    3. The owner occupier secures parking from Dublin City Council.
    4. The estate agent noted that if there's a problem with the building (repairs etc.) - the spar pays 95% and the apartment owner pays 5%.
    5. The other viewer also made a point of asking who is responsible for insurance etc (as there is a cost here) and the agent was unable to answer but promised he would find out for us.

    Questions:
    - Is this situation totally dodge? As far as I am aware there needs to be a management company as per MUD etc. and none here
    - Is this type of thing common?


Comments

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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Depends entirely on the lease- you'd need to have a solicitor who is really up to speed on property leases to go through this with you.

    Honestly- depending on the lease- it could well work out very nicely for you- but you need to get everything copper fastened in the lease.

    If its the sole residential unit- the MUD act may very possibly not apply- however, you need professional advice on this (and obviously, we are expressly forbidden from offering professional advice here).


  • Options
    #3
    antoinolachtnai
    Registered Users Posts: 9,793 ✭✭✭antoinolachtnai


    I have a fair idea of the property you are talking about.

    You really need to understand about the freehold you will be buying and how it relates to the leasehold below.

    I find it hard to believe that when the roof of the building needs to be replaced that the shop owner is going to pay 95 percent.

    Insurance and fire certs are certainly a big issue. You will be living on top of a cooking and cooling installation.

    I would suggest getting the view of a solicitor at an early stage (now, basically). The solicitor will be able to tell you whether it will be feasible to get a mortgage on this. The solicitor will no doubt tell you to seek the advice of an engineer. You will need to decide if this is worthwhile.

    You may not necessarily be entitled to a parking permit. In practice you may get one but it is not guaranteed in an apartment.

    I would look carefully at the sewage situation, since you may be sharing with a commercial premises.


  • Options
    #4
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    Kieran01 wrote: »
    Hello,
    I am viewed an apartment for purchase over a spar today. The estate agent claimed the following:

    1. The spar is leased out.

    I am presuming there is an owner of the whole building and he is selling off the apartment bit and keeping the spar bit but I need to look into this more.

    2. The owner occupier (which I would be) arranges rubbish collection with Dublin City Council themselves.
    3. The owner occupier secures parking from Dublin City Council.
    4. The estate agent noted that if there's a problem with the building (repairs etc.) - the spar pays 95% and the apartment owner pays 5%.
    5. The other viewer also made a point of asking who is responsible for insurance etc (as there is a cost here) and the agent was unable to answer but promised he would find out for us.

    Questions:
    - Is this situation totally dodge? As far as I am aware there needs to be a management company as per MUD etc. and none here
    - Is this type of thing common?

    Sounds a like a flying freehold, they are not common in Ireland.


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