Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

MUD act

Options
2»

Comments

  • Options
    #32
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    G
    Lantus wrote: »
    even IF you can buy the property a non functioning OMC could be struck off if the accounts are not filed or it is not being run properly. When that happens you will have an unsellable house unless it is re-instated and all fees and fines paid. Depending on how long that strike off period is it could be a few thousand to tens of thousands.

    A home that cannot be sold has a value of nothing. This is why banks wont release a mortgage for a non functioning company.

    If you are prepared to never sell the house and your children will never be able to sell it then go ahead and buy it. After all, you love it. (whatever that is?)

    This type scenario must also create problems for existing residents of such an estate if they wish to move / sell their property - if a prospective purchaser cannot secure a mortgage due to a defective or defunct Estate Management Company ?? Surely it would be in the interests of residents and prospective residents of such estates to rehabilitate a non functioning MC or, in the absence of such, to convene a new MC ?


  • Options
    #33
    Lantus
    Registered Users Posts: 3,027 ✭✭✭Lantus


    Hit the nail on the head Woodville but most people bought in haste during the boom and didn't even realise they were becoming members of a company or that there would be a recurring bill every year. As a result there is a huge swell of resentment and even hatred towards the idea of a management company which is often viewed as an evil money grabber to be refused and rejected at all costs. People don't believe that they wont be able to sell their properties if the company is struck off or that there will be any consequences at all.

    There is a ticking time bomb with a lot of OMCs in that they are already on a knife edge with the percentage of non payers increasing which will at some point tip the scales and the system will collapse in on itself.


  • Options
    #34
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    Lantus wrote: »
    Hit the nail on the head Woodville but most people bought in haste during the boom and didn't even realise they were becoming members of a company or that there would be a recurring bill every year. As a result there is a huge swell of resentment and even hatred towards the idea of a management company which is often viewed as an evil money grabber to be refused and rejected at all costs. People don't believe that they wont be able to sell their properties if the company is struck off or that there will be any consequences at all.

    There is a ticking time bomb with a lot of OMCs in that they are already on a knife edge with the percentage of non payers increasing which will at some point tip the scales and the system will collapse in on itself.

    Indeed Lantus ! I'm aware of such a scenario as you describe although thankfully not involved in it ! I have a relative though who is considering buying in an estate where a small number of houses are unfinished which. together with the common areas, are now within the control of a receiver. Does the receiver in this instance inherit the responsibilities of the developer vis a vis establishment / revival of an Estate Management Co, or is it left to the residents to agitate for this through the receiver ?
    The receiver has indicated that he has made representations to the local authority to have the estate taken in charge but my relative hears that this will be a mid - long term aspiration.


Advertisement