Valley of Diamonds

How are Maintenance Charges Calculated ?
As is the normal practice with apartment developments, every apartment owner at Diamond Valley holds their apartment under a 900 year lease with the Management Company which forms part of the legal title deeds of their property.

Within the 4th Schedule of the Lease Agreement is a set of House Rules, including the obligation to pay a service charge or maintenance charge to the Management Company, through the Management Agent.

The formula for calculating the maintenance charge is set out in detail within the Lease Agreement which should be consulted for an accurate and full interpretation. Maintenance Charges at Diamond Valley are proportional to number of bedrooms, as defined at time of original sale.

The lease agreement/property deeds specifies that unpaid maintenance charges attract interest at current Bank of Ireland Interest rates plus 4%, or if no such interest rate exists then the interest penalty is 20%.

Under the terms of the lease agreement/ property deeds, upaid service charges also attract the full costs incurred by the Managment Company in ensuring compliance, including court judgement costs.

Maintenance charges must be paid in advance and and Diamond Valley home owners are facilitated through the encouragement of direct debit arrangements.

Apart from their legal responsibilities, all apartment owners have moral responsibilities to their neighbours to pay maintenance charges on time and in full. If this doesn't happen then the owners who do pay are unfairly subsidising those who don't. Luckily, at Diamond Valley most homeowners do pay their charges and in any other cases enforcement action is persued.