Property Mgt Co in Residential Estates

Cailin_Deas

Hi Folks

I am a newbie so forgive me if this query has already been adressed but maybe someone can point me in the right direction.

I have recently bought a semi detached house (towards the end of last year) in a new estate and at the time of signing contracts i paid the management fee. I think it is a good idea to have a mgt company (if run properly) in place. Anyway the development hasnt been completely sold and the phase where i bought has yet to be completed by the developer. There are still houses available and the main service road around the estate has yet to finished.

I have 2 queries
1) When can the management agents start drawing down our contribution? i.e. when the developer has the estate fully completed or from the moment contracts have been signed for the purchase of the hosue i.e in my case last year.
2) What information are residents entitled to recieve from the managment companies. i.e audited accounts, projections, notice when services are to be provided.

Sorry if this query has been asked before but any advice is greatly appreciated.

Many thanks
Cailin_Deas

Paulw

Cailin_Deas wrote: »

I have 2 queries
1) When can the management agents start drawing down our contribution? i.e. when the developer has the estate fully completed or from the moment contracts have been signed for the purchase of the hosue i.e in my case last year.
2) What information are residents entitled to recieve from the managment companies. i.e audited accounts, projections, notice when services are to be provided.

1) Immediately. They need these funds for general maintenance - grass cutting, building maintenance, litter collection, etc

2) At each year's AGM you should get a copy of the audited accounts, a budget plan for the coming year, and updates on how the company is doing, plus information on any issues. Other than that, some regular update usually happens, but this is ad-hoc and depends on what is needed and happening.

I hope this helps.