Fees are the lifeblood of any Cyprus communal complex committee and they are essential to its correct and successful operation. That is why calculating and collecting these fees is crucial and can make the difference between yours being a thriving and pristine complex or a rundown and a neglected eyesore.
While calculating the communal fee is a fairly straightforward matter of dividing the forecasted annual cost by the total square footage of all the dwellings, apportioning it can often be a more demanding science. According to Cyprus communal laws, however, each property owner should pay their proportion of the total fee based on their percentage of that total floor space.
Why issues arise
While much of the above may appear to be cut and dried, it doesn’t always work out in practice. Disputes often arise through lack of communication and misunderstandings around how the total budget has been arrived at. For example, it could be argued that fees only take into account the regular monthly cost of cleaning and maintenance, while any emergency repairs or building-wide repairs are collected separately.
In the case of such events, prudent committees would have included a “sink fund” in with the total budget to meet any scheduled or unforeseen repairs, especially those appertaining to apartment blocks. This does, of course, have a significant impact on the total cost of the fees levied, while trying to collect large amounts from property owners after the event is likely to prove even more of an issue.
What to do if you think your fees are incorrect
If you suspect that your committee has got it wrong, the first port of call should be the AGM at which time the budgets and fees are discussed and ratified. If you are unable to resolve any issues at that point, it may be time to consider appointing a professional complex management company to advise the committee and manage all aspects of your complex.
While your committee is a legal requirement and it is ultimately responsible for all legal and practical aspects relating to your complex, a management company has the expertise to act on their behalf. There is no alternative to experience and mistakes in complex management can be horrendously expensive, so making such a move has the potential to save valuable funds.
Benefit from expert help in every area of communal fees and finance
Here at Lee Property Services, we provide a comprehensive range of Cyprus complex management services from dealing with fees, finances and budgets to the everyday operation of your complex. We have access to expert teams of lawyers and accountants that are conversant in the specifics of communal complex law and finance.
Talk to one of our experts today about your communal fees and discover how we can take care of every aspect of Cyprus communal management from finance and fees to maintenance and repairs.
Call us right now on 23831194 and discover just how easy life is when you put your trust in the complex management experts.
