inchbyinch
Registered User
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"however the title of same was never transferred over to the owners of the individual apartments. "
This was never, ever going to happen. Title would only be transferred to the management company.
If I understand the original post, the developer company "remained in ownership." As in, the developer had an agreement with the Management Company ( as is usual) to transfer the common areas to the Management Company.
"Subsequently, the company was dissolved in 2008"
Which company? The developer? And/or the Management Company? Both?
"The owners of the other block all obtain individual insurance for each apartment."
I don't think that that is possible - they all only own the air space in side their own unit!
"We (my block of 8) are now at the initial stages of trying to obtain the title of the freehold as we don't want to re-instate the Man Company as it is not ours to n
re-instate."
I think it is yours - but you might consider setting up a new Management Company.
The following may be of assistance
http://www.mhc.ie/latest/insights/dissolved-management-companies-a-more-efficient-approach
https://www.lawsociety.ie/Solicitor...t-2011-on-existing-developments/#.VqdzOPmLSCg
I don't think any of the units are currently saleable save to a cash purchaser.
OP and fellow apartment owners need serious advice!
mf
I don't think you quite understand why the management company should exist (based on your response to mf1). Title will never be transferred to individual owners because the property is shared between you. It can only be passed to an entity that owns the whole property - hence the reason why you all become members of the management company on purchasing an apartment. It requires a collaborative approach to manage the property. The company is made up of the leaseholders of the property. When it is initially developed the developers generally set up the company and act as the first directors, when the units are sold, you as an owner become part of the company and it is up to you collectively to manage the property, including insurance, repairs, etc. The developers eventually sell off their stock and no longer are involved in the management company.
In effect you have put in place an informal management "company" for your specific block since you collaborate in purchasing insurance. However you really need to get the management company proper in place. Title cannot pass to your ... collective? ...co-operative? The apartment owners as a whole (not per individual block) need to have a management company. You need good legal advice at this stage, none of the properties are saleable without a management company in place. An auctioneer would be of no use at all. You will also need a meeting of all (or as many as you can get) apartment owners in order to discuss this in common and start the process of getting a company established. I'd probably get the advice first and then arrange the meeting. This will not be resolved quickly.
Aside from insurance, the other big consideration is probably a sinking fund. Have you an informal arrangement in place for that too?
All eight of the apartment owners in our block are signatories on the one insurance policy. This has been the case for about 6 years. There hasn't been a claiming those years.
Hi Ed,Hi All,
I own an apartment in an 2 block 16 unit development since 2006 (leasehold). The original management company was set up to cover the freehold title of lands and common areas, however the title of same was never transferred over to the owners of the individual apartments. The developer remained in ownership.
Subsequently, the company was dissolved in 2008. In order to insure the building the owners of the block of 8 that my apartment is in have formed a residents group. We maintain the building/landscape and obtain insurance on our own block. The owners of the other block all obtain individual insurance for each apartment.
We (my block of 8) are now at the initial stages of trying to obtain the title of the freehold as we don't want to re-instate the Man Company as it is not ours to re-instate.
Any thoughts?
is it possible to claim squatters rights?
does the company's claim on the land immediately dissolve once dissolved in the eyes of the CRO?
All help much obligied!
Rgds,
Ed
Do you know the exact state of the Common Areas and OMC? There's a big difference between the OMC still being run by the developers vs. run by the owners but no transfer of Common Areas vs. the OMC is liquidated.Hi L earner
I have a deposit paid on an apartment with the same issues
and have to decide weather to pull the trigger.
Roughly what did the whole procedure cost and how long did it take?
I am worried about holding without insurance.
Charlie
If you Google for something like "Solicitors ireland mud act" and just pick up the phone to a couple and ask if any have done it and what they estimate the effort might be, some will tell you to get lost but often one will come through. Or you could ask your solicitor to ask around either, you're already paying him/her.Thanks for that Zenith
AFAIK, the CA's were transferred but the OMC (group of four) let the thing slide and did not pay any fees since 2005.
OMC was struck off. I am finding it hard to gather any info on probable cost or risk if I go ahead.
Hi Charlie,Hi L earner
I have a deposit paid on an apartment with the same issues
and have to decide weather to pull the trigger.
Roughly what did the whole procedure cost and how long did it take?
I am worried about holding without insurance.
Charlie
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