Grattan wood sinking fund

joe2022

Hi Dear, has anyone live in the apartment in Grattan wood Donaghmede, having problems with the management company KPM regarding the sinking fund? 

I requested the authorisation from mgt company KPM to replace the gas boiler in our apt. They said they wouldn’t issue the letter unless we pay them the sinking find first. But the sinking fund is so much €19,000 in total just from me in their budget. I really don’t believe the figures. The sinking find should be part of the mgt fees and taking from the each resident each year. Average €200 annually. How the €19,000 come from? 

I know i need the mgt company authorisation to install the new boiler, but I don’t know what i can do the protest my right to install the boiler. The apt need the heating for shower and heat in cold weather.

jd

Have you been receiving yearly Financial Statements/ Bills from the Management Company? Have they been paid in full? Do they show you as been in arrears?

TheWonderLlama

As i said before, has there been recent fireproofing/remediation works carried out to the building? Any other big works around the block?

did you attend the AGM of the management company and have you received the accounts and budgets for the year? Since you are an owner of the apartment, you are entitled to these.

Did you get notice of an additional charge for the sinking fund? If you ignored this and the charge was approved at a meeting of the members (owners of the apartments) then you have to pay it.

Make contact with the management company, they can probably agree a payment plan at least.

Cuddlesworth

The same Gratton Wood, Donaghmede on myhome that lists fees of €1,850 pa, not 200.

NinjaTruncs

The op says it's an apartment. It's highly unlikely the management fees would be €200 a year, even for a house that would be low. €200 would barely cover the management agents costs, let alone all the other costs, if the op has only been paying 200 pa it's likely they have a large arrears bill depending on how long they lived there.

DFB-D

Hmm, I read it as the sinking fund was 200 pa, not the management fees.

Dav010

https://www.boards.ie/discussion/comment/119235078#Comment_119235078

I suspect the op has read the MUD Act relating to sinking funds and thinks €200 is the amount that is to be paid by each unit owner.

TBF, the MUD Act is a little out of date on this as it was introduced in 2011 when €200 seemed a reasonable estimate, but the Act also states that the sinking fund contribution could be higher than €200 depending on what needs to be done in the development. Op needs to clarify if he/she attended the AGM and what the 19k relates to, there could have been major upgrades needed.

Here is the text in the MUD Act:

(5) Subject to subsection (6) the amount of the contribution to be paid as respects a unit by each unit owner of such a unit to the sinking fund in respect of a particular year shall be the amount of €200 or such other amount as may be agreed by a meeting of the members as the contribution in respect of the year concerned.

cubatahavana

When the OP receives the budget for the new year, there should be an estimate of the money going into the sinking fund. I believe 200 per year to be a reasonable amount to go to the sinking fund. The Grattan Woods development is pretty large and 200 euro per apartment would be a healthy sinking fund, I believe. Another issue is that when you pay your fee, the money for the sinking fund is deducted. AFAIK, you cannot pay the fee "minus the sinking fund". Probably the apartment is on arrears of management fees

Dav010

https://www.boards.ie/discussion/comment/119243992#Comment_119243992

You are making an assumption about the €200 without knowing why the OP has been told it is €19k, if that figure is correct, some significant remedial work would seem the likely reason. So let’s wait for the op to clarify.

Trigger Happy

OP, you need to ask KPM to give you a statement in writing showing your debt and what that consists off. Given the size of it I would reckon its unpaid annual fees for a number of years or a large one off piece of remedial work happened in the past that you were billed for and did not pay.

It's also possible that KPM made an error. But either way, get your account statement in writing and you will get better advice here.

DirGHM

If you are truly a Property Owner within Grattan Wood, then you are already in possession of a very comprehensive and confidential Information Package (several tens of pages) which outlines in detail what the Sinking Fund will be spent on. The Sinking Fund Budget was approved by a very large majority of Property Owners (Management Company Members) at the 2021 AGM and all Members (including the Member Directors) are legally obliged to pay it. You are not entitled to on the one side walk away from that legal obligation, whilst on the other side demand that the Management Company fulfils it’s legal obligations without preconditions being placed upon yourself.

You are also aware that the Management Company has repeatedly appealed, over a long period of time, to all Members not to publish confidential information, yet here you are on Boards.ie, publishing confidential information. If this results in commercial damage to the Management Company or to other Property Owners, you could be held legally liable.

if for some reason you do not have a copy of the Sinking Fund Budget Document, contact the Managing Agent, identify yourself to them, and ask them for a copy.

DFB-D

https://www.boards.ie/discussion/comment/119868343#Comment_119868343

What is the confidential information in the Ops post you think should be suppressed?

Dav010

https://www.boards.ie/discussion/comment/119868411#Comment_119868411

I’m also wondering why the poster thinks the op would be legally liable for “commercial damage” arising from publishing this “confidential information”.

10-10-20

https://www.boards.ie/discussion/comment/119868343#Comment_119868343

Passive Aggressive much?

I presume "DirGHM" equates to a Director of Grattan Hall Management? Slick.

Allegedly something to hide... https://www.boards.ie/discussion/2057986676/grattan-wood-donaghmede