Management Company for Linnetfields Clonee

tinyter28

Hi,

Im currently in the process in buying a place in linnetfields and am looking for information with regards to the management company.

I've read a lot of horror stories about management companies in general and just looking if anyone has had any run-ins with them.

[Had a brief run through the charter, so trying to be vague as possible]

Thanks

Paulw

tinyter28 wrote: »

Hi,

Im currently in the process in buying a place in linnetfields and am looking for information with regards to the management company.

I've read a lot of horror stories about management companies in general and just looking if anyone has had any run-ins with them.

[Had a brief run through the charter, so trying to be vague as possible]

Thanks

The management company seems to be Linnetfields Management Company Ltd, after a quick Google search.

No idea who the management agent is though.

If you buy, then you are a member of the management company.

Maybe you need to do some more reading on who/what a management company is and how it is run, and who/what a management agent is and does.

Lantus

a very quick look indicates multiple streets with that name. Some areas seem to be gated and others have on assigned parking bays (not driveways.)

The management company looks after all these items. (electronic gates, cutting the grass, maintaining fences and if it is a gated development then everything could well be private property within. That's means the roads, paths and even drainage underneath until it exits the boundary of the development is the property of the company. Don't forget insurance for all these areas!

This will be reflected in the annual service fee. You should request the fees from the company itself.

If you download the last 3-4 years of annual accounts from the CRO this can give you an 'idea' on whether service fee incomes are steady, rising or falling.

There is nothing wrong with management companies. What tends to be at fault is peoples perceptions of how they think they should work rather than how they actually do work. its a mechanism to maintain an area directly by the unit owners and invest in it for the future paid for by the members.

You can the ODCE handbook on OMCs from there website for free. The MUD act is also free and the articles of association can be obtained from the CRO at the same time as the accounts.

tinyter28

Hi guys

Thanks so much for information! Much clearer idea of it. Very helpful

I guess my question is more what state the management company is and how good their agent is. I'm gonna look at getting the reports from cro

There is an automatic gate but since I've viewed the place it has been broken (think estate agent was lying sassing it was going to be fixed)

P. Breathnach

I think it is very important to conduct due diligence on the OMC when considering the purchase of an apartment. In some ways, it parallels getting a structural survey done on a house.

It costs very little to obtain the accounts and annual reports - less than €10 can get you a lot of material. If you have some basic understanding of accounts you should be able to figure out a lot; if you don't, find somebody who does.

I think it is a little more difficult to work out how well the managing agent performs. But if you take a good look around the development, you might be able to form an impression (but be fair: if the MA has to work on a small budget, upkeep might not be as good as in a well-resourced development).

On a few occasions I have approached people in developments and asked for advice on the good and bad points about living there. Quite a lot of people are prepared to be forthcoming - perhaps it helps that I am older, and don't present as the sort of person who might be holding house parties or otherwise disturbing the neighbours.

Lantus

tinyter28 wrote: »

Hi guys

Thanks so much for information! Much clearer idea of it. Very helpful

I guess my question is more what state the management company is and how good their agent is. I'm gonna look at getting the reports from cro

There is an automatic gate but since I've viewed the place it has been broken (think estate agent was lying sassing it was going to be fixed)

As well as the annual financial statements request the AGM minutes for the last few meetings as well from the company directors.

Paulw

Lantus wrote: »

As well as the annual financial statements request the AGM minutes for the last few meetings as well from the company directors.

But, remember that they have no obligation to provide that information. The information is for company members, not for prospective buyers.

MarkAnthony

Most of it should be public record with the CRO no?

Paulw

Not the minutes of meetings, no.

Just the annual accounts and financial status information is public record (on CRO website).

tinyter28

P. Breathnach wrote: »

I think it is very important to conduct due diligence on the OMC when considering the purchase of an apartment. In some ways, it parallels getting a structural survey done on a house.

It costs very little to obtain the accounts and annual reports - less than €10 can get you a lot of material. If you have some basic understanding of accounts you should be able to figure out a lot; if you don't, find somebody who does.

I think it is a little more difficult to work out how well the managing agent performs. But if you take a good look around the development, you might be able to form an impression (but be fair: if the MA has to work on a small budget, upkeep might not be as good as in a well-resourced development).

On a few occasions I have approached people in developments and asked for advice on the good and bad points about living there. Quite a lot of people are prepared to be forthcoming - perhaps it helps that I am older, and don't present as the sort of person who might be holding house parties or otherwise disturbing the neighbours.

Thanks for the advice!

I got some of the records from cro and they seem OK, money left over after each year and relatively same amount of income coming in each year (got three years worth)

I also took a trip up today and seen the gate was fixed so I stuck around an asked some locals some questions. Everyone seems happy with them and they are good to deal with.

Thanks again to everyone for the advice. Very helpful

Lantus

tinyter28 wrote: »

Thanks for the advice!

I got some of the records from cro and they seem OK, money left over after each year and relatively same amount of income coming in each year (got three years worth)

I also took a trip up today and seen the gate was fixed so I stuck around an asked some locals some questions. Everyone seems happy with them and they are good to deal with.

Thanks again to everyone for the advice. Very helpful

Good research and +1 for asking locals some questions. Remember that an OMC is something that needs ongoing work and effort (and money) to maintain and keep in good condition, which in turn ensures the development is in good condition.

Stability over three years is a reasonably good sign but there is always more to be done and you never know when you may need to step up as a director!