Deerpark Kiltipper Kiltipper site land

RafalS

Hi

I consider to buy apartment at Deerpark Kiltipper.

Is any one knows status of land under this partments ?? Is it belonging to owners of apartments ?? or is renting ?? etc ??

Thanks for answers.

seamus

The land in the development is owned by a management company, which all apartment owners are members of. Effectively meaning that all of the land belongs to all of the owners of the buildings - probably the houses and the apartments.

RafalS

I heard that there is some 100 year deal ?? Is anybody has knowledge about it ?

seamus

The way that this works (and is typical of most developments built in Ireland in the last ten years) is that the management company retains full ownership of the lands and the buildings. When you buy a property within the development, what you're actually purchasing is a 100-year lease on the property. This lease gives you membership of the management company. The idea being that the entire development is a form of co-operative.

On the face of it, it sounds a bit like you're paying big money for nothing more than a long rental on the property, but this leasehold arrangement has long been in use across the world and is for all financial purposes no different to owning the property outright.

RafalS

HI Seamus thanks for this long response.

Do you also know that if I am buying apartment from current owner. The 100year clock is starting from current time ( 2012 )of deal between me and the current owner
or
the clock was already started at time of buying the property by current owner ( let's imagine 2008 ).

Are any examples what was happend after 100 year ?? I know that this question is a bit virtual. But is that mean that after this time people neeed to find other pleace ?? On ather hand I don't expect that such apartments can survive 100 year. But would be alwayns nice ti have participation in the land.

seamus

Every time the property is transferred, a new 100 year lease is signed. So it's quite unlikely that any lease will ever expire. If you leave it to your children, they sign a new 100-year lease for the property.

As you say though, it's quite unlikely for most properties to make it to 100 years of age before being torn down. It's really an academic question more than a practical one.
In the event that the property is torn down while a lease is in effect, the lessee stills own that share in the land on which their apartment was built. So any developer who wanted to buy out the land and rebuild it for himself would have to buy out all of the leaseholders.

handlemaster

is it not mostly 999 year leases