upcoming AGM - any advice

[viztopia]

Hi,
The AGM for our estate is next Tuesday and i have a couple of points that i would like some advice on.
1) The AGM is next Tuesday yet we only got notice yesterday. Shoudl we not get 21/28 days notice?
2) The work on the estate is finished yet the developers are still teh directors. Shoudl they be removed?
3) There are leagal fees in the current accounts for collection of management charges. shoudl this not be an expense of the managing agents?
4) The common areas are currently in the name of the directors. If these are to be transferred to the management company, who should bear the cost of this?
5) there is postage and stationary in the accounst of over €1,000. I find it hard to imagine how the company has this kind of expense. Again shoudl this not be an expense for the managing company?

I intend to bring all teh above up at the AGM, but anyone elses opinions/experiences woudl be appreciated.

 

[Yorrick]

Get Robert Gogans book on Apartment Living in Ireland. It will answer all your questions. It is very important that owners attend A.G.M.s and see what is being done with the management fees and property.

 

[maybelline]

Hi,
The AGM for our estate is next Tuesday and i have a couple of points that i would like some advice on.
1) The AGM is next Tuesday yet we only got notice yesterday. Shoudl we not get 21/28 days notice?
2) The work on the estate is finished yet the developers are still teh directors. Shoudl they be removed?
3) There are leagal fees in the current accounts for collection of management charges. shoudl this not be an expense of the managing agents?
4) The common areas are currently in the name of the directors. If these are to be transferred to the management company, who should bear the cost of this?
5) there is postage and stationary in the accounst of over €1,000. I find it hard to imagine how the company has this kind of expense. Again shoudl this not be an expense for the managing company?

I intend to bring all teh above up at the AGM, but anyone elses opinions/experiences woudl be appreciated.

1) Yes, legally you should get 21 days
2) They're probably gagging to rid themselves of it if the estate is finished, that will probably be the main focus of the AGM
3) The legal fees for chasing service charges should ultimately be paid by the people not paying up on time, 'tis only fair. But until they can be recouped they are an expense of the management company.
4) Doubt this would be a huge cost and it's in your interest that it happens, so I wouldn't get hung up about it.
5) If your estate has 10 units then that would be excessive, if over 200 then that's probably about right.

 

[shesells]

That's way outside the legal notice period for an AGM, you should move a point of order at the start of the AGM stating that the AGM should be declared invalid due to the short notice period. A vote from the floor can then decide to adjourn it.

The sooner the owners get their hands on the management company the better. The developers as directors rarely do stuff in the best interest of the development. In a complex near here the developers refused to bring in clamping even when people parked so close to doors that the residents couldn't get buggies in. The owner-directors brought it in immediately and it's a much safer development now.

Legal fees for collection of debt will be charged to the owners of the apartments not paying up. Unfortunately as Maybelline says, it has to be paid out before the money can be recouped. The management company can add interest to any expenses incurred.

Getting the common areas transferred to the management company should be straight forward. Not sure who pays the costs. I think our developers did.

Postage costs can be much higher than you'd expect. Depending on the number of units you will have, accounts letters, breach of rules notices, AGM notice, fees notice, fees reminders...they all add up.

My advice as a director of our management company is get involved. I have been a director since the owners took over and it's the best way to protect my investment. I don't trust anyone else to look after my best interests in the development.

 

[Hillsalt]

My advice as a director of our management company is get involved. I have been a director since the owners took over and it's the best way to protect my investment. I don't trust anyone else to look after my best interests in the development.

That's great advice. I did the exact same and I feel as if I am in control.

 

[Stupid Boy]

transferring of the common areas involves the creation of a deed of transfer, drawn up by the developers solicitors... a nominal fee of 10 euros is normally charged for the transfer.

Legal fees wouldnt be the responsibility of the agent, as the debt is not with the agent it is ultimately with the management company and therefore a direct cost borne to the company, a good agent will build in a provision of a few thousand euros to account for this bad debt throughout the financial year.