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As you signed into a contract with the Owner’s Management Company upon purchasing your property, paying service charges is one among many other obligations under the lease agreement and the contract with the OMC. If you don’t pay then others will have to fund the negative cashflow but ultimately in the end your fees plus an interest rate will be deducted from the sale of the property.
When you go to sell your property you will require what they call a requisition from the OMC and you will not be able to sell your property until this is signed. They have the right to withhold this until all fees are discharged. This could add up to a lot of money if the interest rate was say 10%.
The fees that you pay go towards the running of your development and without a functioning and funded OMA the value of your property would devalue.
The agent managing the OMC fees are typically range from 2% to 8% depending on the complexity or scope of require services in the development under management and the size of the development.
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If you’re looking for a free professional house valuation to help you make an informed property decision, our dedicated team of valuation experts have over thirty years’ experience of selling commercial and residential property in Dublin and North Wicklow and their extensive local knowledge can point you in the right direction.
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