Management Company Asking for Cash Call Without Notification

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cod001

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The management company put up the yearly fees to 2000 at the AGM but have asked for an extra 750 on top of that (as they also did last year). When asked, they have said it's for roof works but I haven't heard anything about that before. Are they required to give notice of cash calls? Concerned this is going to be a yearly issue as the fees continue to increase and wondering if there is much I can do about it.
 
Were you at the AGM? Have you got a copy of last years accounts to see where the money is being spent? Are the Directors, owners of property in the Estate? Have you spoken to the managing agent who works on behalf of all owners to ask about this charge? Do you realise that you are part of the management company yourself and that you can become a Director and move to a new agent if you are not happy with how the development is being managed? First step is to contact the agent to get some answers.
 
The board of directors are not obliged to reply to individual residents. They employ an agent to do this for them. It is a volunteer role and wouldn't be sustainable if they were constantly dealing with individual members queries. You have an opportunity annually at the AGM to meet and discuss issues of concern.
 
I was at the AGM and the higher fees were agreed to, but no mention of the 750 cash call at all. The sink fund was going to be used for recarpeting the hallways but there was no roof issues mentioned
 
Did you have a look up at the roof to see if there was damage recently, possibly from storms ? How did they contact you ? Surely they stated in a letter when asking for the fees what it was needed for ?
 
cod001 said:
wondering if there is much I can do about it.
Click to expand...
There is a lot you can do about it. Become a Director of the company at the next AGM and review all expenditure. There is a key post on this site that tells you step by step how to do this.

Do you want to do something about the way your apartment development is being managed?​

You can then monitor all the spending of the management company and ensure that all expenditure is warranted and that you are getting best value for your money.
 
Threadser said:
There is a key post on this site that tells you step by step how to do this.
Click to expand...

Key Post - Do you want to do something about the way your apartment development is being managed?

I often see threads on here with apartment owners complaining about how their development is being run by the managing agent. It was suggested to me that I start a thread about how to take action to ensure the money you pay in management fees is being spent wisely; how you can improve the...
www.askaboutmoney.com
 
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