Mgt Company is 'Strike Off Listed' - implications?

[Marcia]

Have just paid a deposit on a 10yr old apt in south county Dublin. Have discovered that the mgt company is listed to be struck off. Last accounts filed are for year ended Dec 2006. What are the implications of this for me? Should my solicitor insist on everything being brought up to speed and the company taken off the strike off list before I sign contracts?

Thanks.

 

[mathepac]

If there is no management company in place, insurance and maintenance for common areas, exteriors, etc cannot be sustained and the only insurance you can get will be for the contents of your apartment, AFAIK. Your solicitor, once informed will probably advise pulling out of the deal.

 

[mf1]

The norm would be to expect to ask the vendor to take such steps as are necessary to bring the status of the management company back to "normal". The vendor may or may not be able to do so - it depends on the workings of the management company. This problem is indicative of serious issues with the operation of the management company. Unless the vendor and other owners of the apartments can and will take steps to make sure this will not happen again, then you may well be advised to steer well clear of buying.

mf