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Apartment purchase - outstanding information and manage ten issues?

  • 05-04-2016 10:48am
    #1
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭


    Hi,

    My parents are in process of purchasing a 2 bed apartment in west dublin as an investment. Contracts signed 2 weeks ago but not returned to vendors solicitor until outstanding documentation received.

    The replies/documentation had been outstanding some time. Our solicitor has just received a response. However he states that the replies are incomplete. Also information is still outstanding from the management company. These are I believe latest set of financials. 2 issues here I believe - the common areas have not transferred from the developer to the management company and secondly there is no management agent in place. This is a substantial complex - 5 buildings with 4 floors in each building. It looks well maintained. Fees are substantial at €1600 pa.

    Should I be concerned with above. Solicitor has asked for written confirmation from my parents if they wish to proceed.

    I appreciate it is their call however id like to get opinions here.

    Many thanks


Comments

  • #2
    garhjw
    Closed Accounts Posts: 1,424 ✭✭✭garhjw


    i would be concerned if financials are not forthcoming. it could indicate management company has a lot of arrears or non payment. this raises more questions as to why - can people just not afford to pay, cant be bothered paying or are unhappy with management company.


  • #3
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    garhjw wrote: »
    i would be concerned if financials are not forthcoming. it could indicate management company has a lot of arrears or non payment. this raises more questions as to why - can people just not afford to pay, cant be bothered paying or are unhappy with management company.

    Yes, I agree on financials. At €1600 a year management fee, I'd have no comfort over where the funds are going. Related to that, if no management agent who is administrating the pot of money, from maintenance to block insurance.

    Is there anywhere I can find out who the management company directors are? I've had a look on solocheck with the name of apartment block and can not find any company with that name.

    Thanks.


  • #4
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    OP here again,

    I've downloaded a copy of the latest financials. These are unaudited. There is very little detail within them. Expenses have increased 50% but no breakdown available. Debtors have increased to nearly a years fees and it is noted that legal action is being taken on arrears. Sinking fund is unclear. They budgeted 10k however only 5k was paid in and also 8k was withdrawn to meet day to day expenses. It's unclear how much is in the sinking fund. A director is being paid to manage the development as no managing agent.

    I'd appreciate any further thoughts on the above financials.

    Thanks.


  • #5
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭godtabh


    Baby01032012 wrote: »
    OP here again,

    I've downloaded a copy of the latest financials. These are unaudited. There is very little detail within them. Expenses have increased 50% but no breakdown available. Debtors have increased to nearly a years fees and it is noted that legal action is being taken on arrears. Sinking fund is unclear. They budgeted 10k however only 5k was paid in and also 8k was withdrawn to meet day to day expenses. It's unclear how much is in the sinking fund. A director is being paid to manage the development as no managing agent.

    I'd appreciate any further thoughts on the above financials.

    Thanks.

    My understanding is that the sinking fund has to be held in a separate account and can not be used for day to day issues.


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