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Leasehold duration question

  • 03-12-2019 5:11pm
    #1
    AvocadoToast
    Closed Accounts Posts: 2 ✭


    Hi,

    I am interested in buying a flat in Dublin as my primary residence and would like to ask you guys how do leaseholds work in Ireland:

    1) Do they expire after a certain number of years and then it is necessary to buy an extension like it happens in the UK?
    2) How are leaseholds usually setup? is the land owned by a company that all the flat owners get a share of, or, is it owned by a third party entity?
    3) Any other tips I should be aware of when looking for leasehold flats?

    Thank you very much in advance for your help.


    Best,
    Nick


Comments

  • #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Almost all apartments are leasehold in Ireland. Most are on very long leases, mines quite short at only 200 years.

    As for what to watch out for, you become a member of the Owners Management Company and many are very dysfunctional. This won't become apparent until you're part way into the purchase. The other thing to be wary of is ongoing issues with the building and fire safety issues.

    Personally if I had it to do over again I'd avoid an apartment all together.


  • #3
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    You usually get a long leasehold for an apartment. Can be shorter if sub lease and depending on the set up. Your solicitor will deal with that. You usually will own the walls but management company can own roof etc. It will be set out in the lease.

    For you, the main things are what are the management company fees and what is the management company like - are the accounts looking good? Is there a good sinking funds? How are the commons areas? They look like their taken care off? Do you get to own a parking space or just a licence to use? These are the things to be looking at.


  • #4
    AvocadoToast
    Closed Accounts Posts: 2 ✭AvocadoToast


    Thank you guys!


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