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Buying property from a receiver

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    #32
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Odd one, the solicitor will only really deal with the other-sides solicitor as they know they're getting accurate information under pain of malpractice, the OMC could spout off any old waffle the directors are just regular Joe Soaps like you and I. Unless your solicitor is the very bottom of budget basement solicitors and just doesn't want the hassle I can't see is to be gained by moving solicitors.


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    #33
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    Op, the "management company" is the property owners in the estate, if you buy the property you automatically become a member of the management company. Some management companies are very professionally run and have a local EA in charge, others are loosely run by the owners themselves and may be difficult to communicate with as the directors are volunteers. You should try to contact a property owner in the estate and get some insight into how it runs. If the previous owner didn't pay management fees, there may be a lien on the property for the outstanding fees and the MC will not sign off on the sale until all fees are paid.

    Dealing with recievers can be a test of your patience and endurance, they could have hundreds of properties so get the process moving along is difficult. A substantial discount makes it worth while so if it's a good deal, stick with it. I bought a property from a receiver and it took almost a year to complete, but the property had increased in value significantly during that year so I wasn't going to toss it up. If you are not in a rush, do the legwork yourself. You can check with the council regarding the roads/common areas.


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    #34
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Darith wrote: »
    Just rang an director of the Man. company whom past on the solicitor details representing it. Just emailed said details to my solicitor hoping she can find a path forward to include me in the man. company in the event of a purchase.

    Bonus for you.

    You can be fairly certain every other solicitor has similarly put every other buyer out of the picture and you've negated some of the risk without it being reflected in the price.


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    #35
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    Graham wrote: »
    Bonus for you.

    You can be fairly certain every other solicitor has similarly put every other buyer out of the picture and you've negated some of the risk without it being reflected in the price.

    I'm not so sure about that, every solicitor should know that a property owner is automatically a member of the MC once you purchase a property in a managed estate.


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    #36
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    davo10 wrote: »
    I'm not so sure about that, every solicitor should know that a property owner is automatically a member of the MC once you purchase a property in a managed estate.

    Unless the developer hadn't signed the properties over when the development company imploded, or the MC had been dissolved/struck-off, or.......


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    #37
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    Graham wrote: »
    Unless the developer hadn't signed the properties over when the development company imploded, or the MC had been dissolved/struck-off, or.......

    I have a property in an estate where developer went bust, receivers still own some of the properties, there has been a functioning MC since day one, the estate does not need to be taken into charge for the MC to function so why would the solvency of the builder effect the status of the MC?

    The MC could well have been dissolved, this is simple to check, ask a someone who owns a property there. The most likely scenario however, is that the directors either can't are won't co operate with the receiver.

    Again, I don't see this as a big issue, it's a cash sale so you don't need to satisfy a bank, and once you are in you will be able to go to MC meetings and get a better handle on the situation. If there is no MC, then so what? The poster should drive around the estate and check the upkeep of the common areas, grass and hedges don't cut themselves, street lights are not provided free of charge, so if the lights are on and CAs are in good shape, either there is a MC or the residents take it upon themselves to maintain the estate, either will do.


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