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Buying a flat in a complex.

Posted by geegee42 - Created: 3 years ago
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3 replies (Showing replies: 1 to 3)

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Posted by Dibbyspot - 3 years ago

The problem is not the monthly service charge but what they do with it. You normally need a so called "sinking fund" that is professionally administered to cover the larger periodic maintenance, say every 5- 10 yrs. If this is not put in place properly then everyone has a large bill. The normal way is for the residents to own a company that administers this NOT an agent as they charge fees and so reduce the value of the fund.

Be very careful and get clear and accurate advice on this element - if not in place it will impact marketability when you come to sell. It also depends how long the ocmplex has been in place and the current size of the fund - you may expect to pay for this in the purchase at least in UK and Spain.

Bon chance

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Posted by geegee42 - 3 years ago

OK thanks I will let my daughter know, its just its her first foray into house buying, and although we have been buying and selling for quite a few years this is our first experience with this type of property.

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Posted by tinabee - 3 years ago

For a block of flats there will usually be a "syndic' which manages all the communal charges. There may also be an owners' association (syndicat). It is worth finding all about this in advance as it is common to have problems between syndics and owners.

This website may help to explain some of it - as with most things relating to French admin, it is not simple