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Apartments with no management company

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    #2
    cubatahavana
    Registered Users Posts: 991 ✭✭✭cubatahavana


    poker--addict wrote: »
    Cash buyer only. I understand there is no management company.
    I was not aware a complex could have no management company?

    https://www.daft.ie/meath/apartments-for-sale/navan/4-canon-row-court-canon-row-navan-meath-3139893/

    I wouldn’t touch that. Probably loads of problems ahead. An apartment with a G rating? No thanks


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    #3
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    G rating? So, no insulation. As you're only buying the apartment, you probably don't have access to the attic above you, and thus can't add insulation up there. Windows probably need replacing, buy you may not be allowed to do so.

    Have never heard good things about the electric storage heaters.

    Cash buyers only, probably because there are other major faults with it.

    Avoid.


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    #4
    daheff
    Registered Users Posts: 5,864 ✭✭✭daheff


    The cash buyers only thing is a huge red flag here. Basically they know Banks won't lend for this property.

    Now why would that be???????hmmm let me think.


    Run away from it unless you are buying the whole block.


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    #5
    Edgware
    Registered Users Posts: 5,874 ✭✭✭Edgware


    Who is responsible for maintenance of common areas, block insurance, refuse collection etc?
    Unusual


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    #6
    touts
    Registered Users Posts: 6,494 ✭✭✭touts


    Don't touch it. I live in an estate where there is no management company because the residents association refuses to recognise it, the council refuses to take it over and the developer has said "fine so" and ****ed off. The place is falling apart. There are 40 houses and about 10 want a management company and the other 30 are flying the red flag of "someone else should pay".


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    #7
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    the_syco wrote: »
    G rating? So, no insulation. As you're only buying the apartment, you probably don't have access to the attic above you, and thus can't add insulation up there. Windows probably need replacing, buy you may not be allowed to do so.




    I'd imagine the opposite is true - No management company, so you can do whatever you want..?


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    #8
    chicorytip
    Registered Users Posts: 4,131 ✭✭✭chicorytip


    [Deleted User] wrote: »
    I'd imagine the opposite is true - No management company, so you can do whatever you want..?
    That is true to a large extent. You can replace doors and windows and insulate the attic space if you wish. These are things that owners are permitted to do even if there is a management company in place. You will also be able to get insurance cover for the interior of the apartment and it's contents. Block insurance cover may also be possible if there is agreement with the other residents. You don't mention if you would intend living in this apartment or renting it should you purchase it. You would have little difficulty finding tenants even in it's current condition.


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    #9
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    Deleted User wrote: »
    I'd imagine the opposite is true - No management company, so you can do whatever you want..?
    I'd think it'd depend on who owns the rest of the place?


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    #10
    touts
    Registered Users Posts: 6,494 ✭✭✭touts


    [Deleted User] wrote: »
    I'd imagine the opposite is true - No management company, so you can do whatever you want..?

    You can do whatever you want in your apartment.

    The block as a whole will end up falling apart without someone maintaining it. Don't touch it. You'll be flushing money down the toilet when a management company is inevitably set up and has to fork out serious money to solve the problems


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    #11
    antoinolachtnai
    Registered Users Posts: 9,787 ✭✭✭antoinolachtnai


    I would advise you find out what it is that you would be supposed to be buying. Is it just the apartment and the space it occupies? What about the car park and open space and common areas? Do you have any ownership rights at all in relation to them? (With a management co you have rights, even if they are very indirect.)


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    #12
    kravmaga
    Registered Users Posts: 1,950 ✭✭✭kravmaga


    Advert says communal parking at the rear of the apartment, so its a free for all situation.

    Does the MUD ACT 2011 not apply here, I thought all apartments have to have an OMC.

    As another poster mentioned who pays for refuse collection, maintenance, cleaning of common areas, roof maintenance, guttering , Insurance-block policy?

    No gas heating, electric storage heaters are known to be very expensive and not energy efficient, hence the G BER rating. Your annual electric bill would be horrendous.

    WindoWs look p1ss poor also, they need to be changed/ upgraded.

    All in all , I would pass on this OP. If your a cash buyer and really keen give a lowball offer of 50k.

    https://www.scsi.ie/documents/get_lob?id=386&field=file


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    #13
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    It may be that the management company was struck off for non filing of returns. It is most unlikely the development was constructed without a management company.


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    #14
    antoinolachtnai
    Registered Users Posts: 9,787 ✭✭✭antoinolachtnai


    kravmaga wrote: »
    Advert says communal parking at the rear of the apartment, so its a free for all situation.

    It’s a free for all until someone (perhaps the original developer or their successor) discovers they are actually the owner of the car park and decides to clear the site and sell it on.


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    #15
    POBox19
    Registered Users Posts: 685 ✭✭✭POBox19


    A nightmare. Shared parking with the block on the right, no security gates, looks like the block needs some TLC. Are they single glazed timber framed windows?
    Perfect if you want to let to someone with more money than sense, should get a good return on investment short term.


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    #16
    poker--addict
    Registered Users Posts: 1,732 ✭✭✭poker--addict


    It’s not something for me, I was just wondering if it was at all a normal situation. Evidently it isn’t. I am sure someone will be interested, and with minimal TLC it will rent in a heartbeat no doubt.

    😎



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    #17
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    poker--addict wrote: »
    It’s not something for me, I was just wondering if it was at all a normal situation. Evidently it isn’t. I am sure someone will be interested, and with minimal TLC it will rent in a heartbeat no doubt.

    It happens from time to time that there is no management company. It need not be then end of the world. If it can be bought cheap and a good rent obtained, it could turn out to be a very good buy. I know someone who bought an apartment with no management company in the middle of Dublin 6 months ago.


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    #18
    Chris_5339762
    Registered Users Posts: 5,902 ✭✭✭Chris_5339762


    Run. Simple as.


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    #19
    chicorytip
    Registered Users Posts: 4,131 ✭✭✭chicorytip


    Claw Hammer wrote: »
    It may be that the management company was struck off for non filing of returns. It is most unlikely the development was constructed without a management company.
    It could be the case here that the developer also established a management company to run the complex - this is quite common - but subsequently went bust during the recession.


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    #20
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    chicorytip wrote: »
    It could be the case here that the developer also established a management company to run the complex - this is quite common - but subsequently went bust during the recession.

    Management companies which go bust are rarely liquidated. They are just struck off for failure to file. Depending on when the complex was built and the subsequent history of the complex it may be relatively trivial or a serious headache. It may be the site was never transferred by a developer who then went bust. The key thing would be to find out who currently holds the freehold and on what basis.


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    #21
    AndrewJRenko
    Registered Users Posts: 28,967 ✭✭✭✭AndrewJRenko


    Certainly not for the feint-hearted. There are crazy people like Noel O'Gara who specialise in buying property with questionable titles and other difficulties, and aim to sort the issues at some point in the future.


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    #22
    virgo69
    Registered Users Posts: 80 ✭✭virgo69


    Claw Hammer wrote: »
    It happens from time to time that there is no management company. It need not be then end of the world. If it can be bought cheap and a good rent obtained, it could turn out to be a very good buy. I know someone who bought an apartment with no management company in the middle of Dublin 6 months ago.

    I bought an apartment almost 20 years ago with no management company, its fine. Now the apartment "block" is two on the bottom two on the top, own entrance, shared back garden, unwritten rule around parking, i.e. the people on the bottom park nearest their own apartment. They were built in the 60s by the corporation for oaps but when finished were too big and sold off privately, they are bloody solid!!! Two insurance companies that I know of cover the individual apartments and you are relying on your adjoining neighbours to be insured. Most people living around here are here a long time.


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    #23
    2Mad2BeMad
    Registered Users Posts: 2,790 ✭✭✭2Mad2BeMad


    I currently live in a small apartment complex, with communal parking.
    Its a f**king nightmare.
    One of the residents is a mechanic by trade but does loads of cash in hand jobs.
    So he has 7-8 cars parked up taking up spots in whats already a small tight parking area fit for only 12 cars (thats assuming they park right).

    Run away OP, lucky for me I know a neighbor very well and he lets me park in his garden as he doesnt drive.
    The idea of fighting for a parking spot every time your home from work that would put me off a place instantly.


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    #24
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    Mud probably doesn't apply here as it seems it's a block of 4.

    Mud applies to 5 or more.

    You may find that you own the attic. Some older blocks gave the attic to the top floor owners.

    Call the agent and ask your solicitor.

    Banks would not give a mortgage for something like this and there may be issues with title, but could be a half decent investment.

    Edit - just saw that its 30sqm - miniscule and doesn't represent value.


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    #25
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Darc19 wrote: »
    Mud probably doesn't apply here as it seems it's a block of 4.

    Mud applies to 5 or more.

    You may find that you own the attic. Some older blocks gave the attic to the top floor owners.

    Call the agent and ask your solicitor.

    Banks would not give a mortgage for something like this and there may be issues with title, but could be a half decent investment.

    Edit - just saw that its 30sqm - miniscule and doesn't represent value.

    MUD applies to all blocks of 2 or more units but some of it may not apply where there are 5 or fewer units.

    2.— (1) Notwithstanding the definition of multi-unit development in section 1 , the provisions of this Act specified in Schedule 1 shall apply to a multi-unit development comprising 2 or more residential units but less than 5 residential units.


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