Is it possible for private owners to manage their apartments separately?

Runster

We have a mixture of privately owned apartments and apartments owned in bulk by a fund management company in our complex

Has anyone heard of the private owners managing their apartments separately from the fund management company?

Is it a possibility or any ideas?

kippy

https://www.boards.ie/discussion/2058277437/is-it-possible-for-private-owners-to-manage-their-apartments-separately

Why would you want to do this?

It would be damn near impossible from a practical standpoint, shared areas, insurance, electricity bills etc

afatbollix

Its all about who owns the freehold.

Can you buy it? Thats the first question, Then check if everyone would like to buy it. You might find the fund management company might also want to buy it.

Then raise the funds to get the freehold. Then you have your management.

Alot of work, Not worth your time and effort. I had 75% in our block willing to buy the freehold but to be honest its a lot of work for not much.

Dav010

https://www.boards.ie/discussion/comment/120044867#Comment_120044867

If the OP lives in a Multi Unit Development as defined in the MUD Act, a “unit owner” is automatically a member of the OMC, and its covenants. Even if the OP wanted to “manage” their own apartment, they still have a legal obligation to pay the yearly OMC subscription. That applies irrespective of whether the apartment is leasehold, or freehold.

OP, you can manage what is inside your front door, but as the apartment will be part of a larger building with common areas, or your house part of an estate, you will still be part of/paying for the overall development,

Again, that is all based on your apartment being part of a MUD.

jd

https://www.boards.ie/discussion/2058277437/is-it-possible-for-private-owners-to-manage-their-apartments-separately

Are the privately owned apartments and fund owned apartments in different blocks?

Dav010

https://www.boards.ie/discussion/comment/120054501#Comment_120054501

If it’s a MUD, the OMC has responsibility for the whole development, and unit owners have obligations to the OMC.

jd

https://www.boards.ie/discussion/comment/120054813#Comment_120054813

I know. If the fund owned all the units in a particular block, it might be possible to split it out into a separate OMC. It'd be a lot o hassle, though.

Dav010

https://www.boards.ie/discussion/comment/120055065#Comment_120055065

How would you separate a block from the overall development? Surely it’s physical location, planning, shared services, shared access etc would make that impossible.

jd

https://www.boards.ie/discussion/comment/120055080#Comment_120055080

It may be possible in some situations, but if there things like an underground car park it may well be impossible.

walterking

It's not possible whatsoever.

It is covered by very strong legislation.

If you have issues, group together and get your own nominations as directors.

Dav010

https://www.boards.ie/discussion/comment/120057818#Comment_120057818

There is a huge amount of overlap between all units/blocks in a development.

How would they go about separating out the block from the roads, footpaths, parking spaces, utility supply, amenities, lighting, insurance/liability etc. If the development is taken in charge by the CoCo, how would a block stand alone inside the boundary of the development? The site the block is built is not owned by the unit owners, neither is their car park spaces in all probability.

If the block is split off, there will still be common areas which are not owned individually by unit owners, nor indeed are the external walls and in some cases, balconies. There will still be considerable costs for all unit owners in the separated block such as maintainance/insurance etc, what happens if some owners won’t pay?Where will refuse be collected from if you cannot store it in the development’s designated area?

These are just a few considerations off the top of my head, before we even get to whether it is legally possible, or advisable to split off a block. If you know of any where it was possible to do it, please let us know.

Count Dracula

Your apartment block is managed by you as part owner of a company limited by guarantee LbG. You became a minority interest in that company the day you bought your apartment.

That LbG company will usually employee a professional agency to manage the common areas, bins cleaning etc. To involve your itself in making changes you will need to communicate with the management committee which runs the LbG company, that you have a share in ,that operates the apartment. There should be a AGM where you can kick off any issues you are having.

To change the management company you would need the board/committee approval, good luck with that. That is only going to happen if they were not doing their job, like at all.