Owner of apartment where rest of block is in receivership

C

cached

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Hi,

I hope I've posted this in the right area of the forum.

I own an apartment in a block and I just found out that all other apartments in the block went into receivership. There was never any management company and each apartment has it's own front door. Can anyone inform me what I should expect?

Thanks in advance.
 
It may be sold to the council or it may be sold to an investor depending on location and price.
 
Thanks for the reply Andy.

I forgot to add that the water tank for the apartment below is in the attic in my apartment. Would this complicate things much?

Should I expect the receiver to contact me or, should I contact them?
 
Generally while you may be able to access attic space from a top floor apartment, you will not own it.
 
cached said:
Thanks for the reply Andy.

I forgot to add that the water tank for the apartment below is in the attic in my apartment. Would this complicate things much?

Should I expect the receiver to contact me or, should I contact them?
Click to expand...

I may be completely wrong on this but when you buy an apartment you're effectively only buying the right to the space within your four walls. The property management company owns the walls, basement, attics, common areas etc.
But in this case you said there was no management company which is odd as that's normally a stipulation in the planning permission.
I wonder if it would be a question for a/your solicitor.
 
cached said:
I own an apartment in a block and I just found out that all other apartments in the block went into receivership.
Click to expand...
Find out who the receivers are and contact them directly as they must now ensure that a management company is set up if they wish to sell the apartments individually. Check your insurance position as the block policy will need to have been renewed for you to have cover. Are there tenants in the other apartments?
 
The receiver is now obliged to sell the apartments either individually or in one lot. Either development is positivr as the receiver will have to establish a properly functioning management company as no solicitor would advise their client to purchase. Also overdue maintenance should be done funded by the recereer from proceeds of sale. I would recommend immediate contact with the receiver either by yourself or your solicitor
 
You could also include your apartment in receiver sale, as more attractive for a purchaser to take the whole block
 
That's what I'd be thinking.

Hang tough and then try and get the buyer of the rest of them to pay over the odds for your one.
 
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