Cyprus Property Forum for Buyers, Sellers & Investors

Dear Nigel,
We have recently just set a management committee and a new management company .Having received our first invoice it is requesting a payment to cover the possibility of bad payers the payment just happens to be double the outlay the maintenance. Is it also common practice to pay quite an amount to a lawyer in case we have to chase any possible bad payers.Hope you can help
Henry10

Hi Henry10

I haven't had any dealings with management companies so I can't advise you on their practices (but paying twice the maintenance fee is outrageous!) That assumes that no-one pays - they must be joking!

I suggest you look through your agreement to see what services they provide and their charges. Have they paid for the insurance of the buildings?

As for lawyers fees you'll need to shop around. But it's probably no worthwhile pursuing non-payers until they owe a healthy sum. BUT you can claim legal fees and court costs from the non-payers.

Regards,