|It is important that all owners appreciate the necessity for a Management Company as part of the legal, day-to-day structure in multiple unit developments, whether they are apartment blocks, town houses, retail or office developments.
All common parts and services within any complex, not belonging to or the responsibility of a specific person, must be vested in a body or company. These common areas may be internal and/or external.
Each owner is a Member (or shareholder) in this Company. The Company has responsibilities to all the members to ensure that the common parts are maintained to a high standard for the enjoyment of all concerned.
The Company (in effect, the residents’ or owners’ Company) is responsible for the maintenance and upkeep of all open spaces and services relating thereto. If it is an apartment block, the company is also responsible for the upkeep and maintenance of the buildings and grounds. The full responsibilities of the Company are outlined in the Company’s Memorandum and Articles of Association, and in the Management Agreements attaching to the Title documents.
Similarly all owners individually have a co-responsibility to the Company to perform certain obligations as set out in the Management Agreements, including payment of service charges.
Thus, the Management Company has clear responsibilities to all of its Members and the Members have definite responsibilities to their Management Company and to each other.
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|The Company, like all limited companies, is managed by a Board of Directors or a Board of Management. It would not be possible to have all owners of an apartment block on the Board, so six are normally chosen to represent all and these are voted in at the Annual General Meeting each year. At the beginning, until all the units in a development are sold, the Board of Management normally comprises of the developer and/or their solicitor, or solicitor’s staff.
When all the units are sold, the control of the company is handed over to the owners themselves who elect their own Board.
Posts Tagged ‘managing agent’
A common mistake when residents are unhappy with the service they are receiving, they often blame the management company as if it were nothing to do with them. If you are in a managed estate, then all residents are members of the management company, that includes you. The managing agent is employed by you the residents which is the management company and the destinction between the two is often mistaken. Dont worry this is a common mistake. Unfortunately, there remains a lot of unhappiness about how estates and developments are being run. Often this can be the management company but also the agent. If a resident is not happy with the service whether thats the managing agent of companies fault, a common way of trying to voice their concerns is to hold back their service charge. As a member of the management company, this option is not open to you and you could end up paying additional interest charges. We suggest that if you are not happy with how it is run, then you need to either contact the directors of the management company(usually residents although developers may remain in charge if it has not been handed over) or more actively volunteer to become a director of the management company. This can happen by getting elected by the residents at the agm. Normally any interested parties are voted in at an agm. Main condition is that you must not be in arrears.
For more information on management companies or managing agents call 01 2871905 or e mail firstname.lastname@example.org
See http://www.consumerproperty.ie/your-issues/property-management-membership.html also for more information
Is the AGM important?
An Annual General Meeting is arranged by the Managing Agent, on behalf of the Management Company to review the previous year’s activities, and discuss and agree plans for the following year.
It is very important to attend the AGM, as this is the resident’s chance to have a say in the running of the development. All owners are given notice of the time and location of the AGM 2at least 21 days in advance.
Only owners are entitled to attend the AGM, and those whose accounts are not in arrears are entitled to vote on motions raised. The resolutions agreed are binding on all members.
All comments welcome.
The annual service charge must be paid in full for the sale of a property to go through. Simply, the property can not be sold until all the service charge owed is paid. The percentage owed is based on the accounting period e.g. if the property is sold six months into the accounting year then only 50% of the service charge is due.
Managing Agents (such as BlockManagement.ie) are employed by the Board of Management where the Board does not wish to undertake the full responsibility itself for the day to day management of the property.
The Managing Agents are NOT the Management Company, we are simply servants of the Management Company. A good firm of Managing Agents will do everything possible to ensure that the Company honours its obligations to the individual owners and also that the individual owners honour their responsibilities to the Management Company and each other.
If you have any questions, please don’t hesitate to contact BlockManagement.ie and we will explain in detail the level of professional services available to you, without obligation.