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Sinking Funds

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    #32
    Lantus
    Registered Users Posts: 3,027 ✭✭✭Lantus


    antoinolachtnai wrote: »
    As I understand it the mortgaging bank typically has an interest in the block insurance as a condition of the mortgage. If the block insurance is not paid and so the corresponding unit is not insured, then the bank must be informed as an interested party.

    An omc could write to all lenders where insurance has lapsed advising there is no cover. But provide no details of owners or fee payment status. It would be a general letter.

    They should of done same to owners and have a plan to remedy.

    Very grim scenario where block insurance can't even be paid.


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    #33
    antoinolachtnai
    Registered Users Posts: 9,792 ✭✭✭antoinolachtnai


    Lantus wrote: »
    An omc could write to all lenders where insurance has lapsed advising there is no cover. But provide no details of owners or fee payment status. It would be a general letter.

    They should of done same to owners and have a plan to remedy.

    Very grim scenario where block insurance can't even be paid.

    Well if the block insurance is paid but the apartment owner has not paid his or her portion, then it is reasonable that the apartment owner and the mortgaging bank not have the benefit of the insurance.


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    #34
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    You’d have to have a date for last payment. My management company expects payment “immediately” per the letter we get in April. I pay in two monthly instalments.


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    #35
    Lantus
    Registered Users Posts: 3,027 ✭✭✭Lantus


    antoinolachtnai wrote: »
    Well if the block insurance is paid but the apartment owner has not paid his or her portion, then it is reasonable that the apartment owner and the mortgaging bank not have the benefit of the insurance.

    In such a case an omc should only process a claim once all outstanding fees have been paid by a non paying owner.


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    #36
    hmmm
    Registered Users Posts: 11,205 ✭✭✭✭hmmm


    therightangle wrote: »
    I presume from what you are saying that owner management companies can vary fees but you would prefer if they couldn't? Why not?
    I'd prefer if there were more fixed fees imposed on apartment owners, and less pressure being put on OMCs to reduce their fees - e.g. the mandatory sinking fund contribution has had a very beneficial impact on forcing many OMCs to get their act together. There is often a lot of pressure on OMCs from owners who are renting their properties to keep their fees low in the short term, at the expense of long term maintenance.

    The other area the law could assist is in forcing apartment owners to pay their fees.

    An offset against tax would strike me as beneficial, but even more beneficial would be stronger tools for OMCs to deal with delinquent owners.


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