Any (sensible
![Very Happy :D](./images/smilies/icon_e_biggrin.gif)
Fine, as long as the costs are shared between all of the owners on the complex.
Why do you assume the owner is a 'he'
Out of curiosity, how much do you pay a 'management company' to do this?
At every AGM since we started, we have voted unanimously to continue to build a 'sinking fund'
I'm already a member of this group - I can't see a copy of the law, sorry, but is it the same one that's on Nigel Howarth's site?
Yes it's the same.J B wrote: ↑Fri Jul 12, 2019 11:30 pmI'm already a member of this group - I can't see a copy of the law, sorry, but is it the same one that's on Nigel Howarth's site?
http://www.cyprus-property-buyers.com/f ... gs-law.pdf
Got it thanks - it's similar as the one on Nigel Howarth's site ... but different!!! Nigel's is 20 pages, the other is 11 pages!
Of Course, straight away.
From what I recall when I was Chairman of the Management committee of 102 apartments, Nigel Howarth Rules are not the actual Rules as issued by the government in 1993. The Immovable Property (Tenure, Registration and Valuation) (Amendment) Law of 1993Varky wrote: ↑Sat Jul 13, 2019 5:48 pmOf Course, straight away.![]()
First three results are for Nigel's site!mike strand2 wrote: ↑Sat Jul 13, 2019 9:53 pm Search this in google for a PDF the immovable property (tenure registration and valuation) (amendment) law of 1993
The owner is both wrong and rightJ B wrote: ↑Fri Jul 12, 2019 8:12 pm The owner is accusing us of not complying with the law because we don't have a separate account for our sinking fund.
They bought this to our attention on 28th December last year when they decided to only pay half of their fees that were due before the end of the year!![]()
Thanks SteveSteve - SJD wrote: ↑Mon Jul 15, 2019 1:44 amThe owner is both wrong and rightJ B wrote: ↑Fri Jul 12, 2019 8:12 pm The owner is accusing us of not complying with the law because we don't have a separate account for our sinking fund.
They bought this to our attention on 28th December last year when they decided to only pay half of their fees that were due before the end of the year!![]()
There is no reference to a sinking fund in the Jointly-Owned buildings law - so the law doesn't state that you have to have
two accounts.
However it is best practice to have two accounts as there have been cases where an owner has refused to pay the maintenance
fees as there is a surplus in the bank account (to cover contingencies). This went to court and the verdict went in favour of the owner
as the judge ruled that as the account was in surplus there was no need for further contributions.
What you therefore need to do is have the owners vote at a General Meeting on having a sinking fund then if you get a majority
in favour you would decide how much each should pay and then keep the monies in a seperate account.
Here you go - from Nigel's site:J B wrote: ↑Mon Jul 15, 2019 9:54 am Thanks Steve
The owner has quoted this:-
https://cyprus-mail.com/2017/07/30/lega ... committee/