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Cyprus Eastern Forum Index » Ask Nigel A Question » Who owns the 'communal fund'?
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Who owns the 'communal fund'? 
Post: #1   PostPosted: Sun Jun 25, 2017 8:09 pm Reply with quote
J B
Joined: 25 Jul 2005
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Location: Shropshire/Staffordshire/Cheshire (UK) and Tala (Paphos) sometimes!

 
Nigel.

If for ease of maths our residents association has a 'slush fund' of 10K

There are ten equally sized houses so that works out at 1K per house.

If one house owner sells up, are they entitled to take their 1K with them?

Confused

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Post: #2   PostPosted: Sun Jun 25, 2017 8:19 pm Reply with quote
Bobbeer
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The community fund is owned by the community and if someone sells up they are replaced in the community by the new owner/s...

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Bob
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Re: Who owns the 'communal fund'? 
Post: #3   PostPosted: Sun Jun 25, 2017 8:36 pm Reply with quote
nhowarth
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J B wrote:
If one house owner sells up, are they entitled to take their 1K with them?


In a word - no. As Bob has said the fund is owned by the community.

Regards,

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Nigel Howarth
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Post: #4   PostPosted: Sun Jun 25, 2017 8:57 pm Reply with quote
J B
Joined: 25 Jul 2005
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Location: Shropshire/Staffordshire/Cheshire (UK) and Tala (Paphos) sometimes!

 
Perfect - many thanks.

No questions asked in reality yet, but good to know the facts.

Very Happy

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Who owns the 'communal fund'? 
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