Management Company AGM

[Thrifty1]

Hi, i know this has been discussed umpteen times but i have a few queries i cant see the answers for after doing a search.

Myself and DH live in an apt in privately managed complex. After almost 3 years the MC have finally decided to hold an AGM (in 2 weeks). A new management agent had been appointed seme months back and the complex seems to be finally getting some issues sorted since their appointment.

My question is, we received a copy of the audited accounts and we have concerns regarding some expenditure. Are we entitled to look for receipts for this expenditure.
Eg Wages and salarieS - €50k (ish)- for whom?
Lift maintenance - should this not be under warranty?
Cleaning - a twice weekly hoover costing about €10k a year

etc, etc.

Also we were notified that the directors (the builders) will be stepping down and new directors will be appointed. A lot of these apts are rented what if nobody wants to assume responsibility.

Before you suggest we have the apt up for sale and therefore do not want to step forward for this ourselves.

Personally i think the new management agents are doing a reasonable job and would be happy enough to keep them but are we entitled to see tenders for work they intend to undertake and perhaps source cheaper labour ourselves?

The complex consists of about 50 apts and 15 retail units in the center of town, is there anything that we would be included in the fees that say we already pay for in tax. ie lighting, maintenance, etc. or anything that the LA should be doing.

Also my husband owns the apt so technically i cant get involved but he is allowed a financial advisor with him at the AGM, does anybody know do you have to be qualified, ie can i go and say im his FA.
Thanks in advance we would like to be prepared going into this.

 

[ClubMan]

My question is, we received a copy of the audited accounts and we have concerns regarding some expenditure. Are we entitled to look for receipts for this expenditure.

You can ask any question that you like at a general meeting if you are a member/shareholder but it's up to the board to respond. You can always propose a motion on the matter and have the members vote on it if necessary.

Also we were notified that the directors (the builders) will be stepping down and new directors will be appointed. A lot of these apts are rented what if nobody wants to assume responsibility.

Then there is a problem because the company needs to have (at least two?) directors.

Before you suggest we have the apt up for sale and therefore do not want to step forward for this ourselves.

...

Also my husband owns the apt so technically i cant get involved but he is allowed a financial advisor with him at the AGM, does anybody know do you have to be qualified, ie can i go and say im his FA.
Thanks in advance we would like to be prepared going into this.

So why are you that concerned about the management charges if these will be irrelevant to you soon?

 

[CCOVICH]

Lift maintenance - should this not be under warranty?

Lift maintenance costs would cover standard ongoing maintenance (same as getting your car serviced), as opposed to faults that would be covered by warranty.

Work conducted on an audit of such accounts might be expected to vouch expenditure to receipts.

 

[Thrifty1]

Thanks for the replies. CCOVICH with regards to the lift, it seems to be faults as the lift often breaks down and is only less than 3 years old.

Clubman , i am concerned about these issues as we have not sold the apt yet and are due to pay this years fees shortly.

Also a lot of people are wary of buying in a complex managed by MA and are requesting forcast of future fees, expenditure, etc so it is in our interest to ensure these remain at a reasonable level.

 

[ClubMan]

Clubman , i am concerned about these issues as we have not sold the apt yet and are due to pay this years fees shortly.

What is the annual charge? Chances are it would be easier to raise your concerns/queries but just pay the charge if you are selling up imminently.

Also a lot of people are wary of buying in a complex managed by MA and are requesting forcast of future fees, expenditure, etc so it is in our interest to ensure these remain at a reasonable level.

Has anybody asked for such details and, if so, who is responsible for providing them (e.g. you, your solicitor, the management company etc.)?

 

[Thrifty1]

Has anybody asked for such details and, if so, who is responsible for providing them (e.g. you, your solicitor, the management company etc.)?

I dont know im not privy to that information. The management company are responsible for providing this information.

Clubman this was not the point of my post, you who are so particular about keeping to the questions asked, perhaps you can take your own advice.

If you know answers to my questions in my original post i would appreciate advice instead of this nit picking, you are going off on a tangent (again)

 

[ClubMan]

Your specific questions about your specific management company's expenditure can only be answered by them and my very first point advised you what do to to get more info.

My question is, we received a copy of the audited accounts and we have concerns regarding some expenditure. Are we entitled to look for receipts for this expenditure.
Eg Wages and salarieS - €50k (ish)- for whom?
Lift maintenance - should this not be under warranty?
Cleaning - a twice weekly hoover costing about €10k a year

etc, etc.

...

re we entitled to see tenders for work they intend to undertake and perhaps source cheaper labour ourselves?

 

[Thrifty1]

Yes you did ,but i didnt ask you to comment on my reasons for requesting this information.

Why is it any concern of yours why i want this information when we are selling the apt?

 

[ClubMan]

This is an open discussion forum. By discussing issues related to your original query you might learn something (e.g. that perhaps there is not much to gain my worrying too much about the management charge on an apartment that you are going to sell anyway). If not then just ignore what you think is irrelevant. But if you want to drag the topic even further off topic by discussing my discussion of your discussion of your original points then be my guest.

 

[Thrifty1]

By discussing issues related to your original query you might learn something (e.g. that perhaps there is not much to gain my worrying too much about the management charge on an apartment that you are going to sell anyway).

I might learn something!!! Thanks Clubman ill sleep easier tonight.

I think we will leave it at that.