Sinking Funds, November meeting

Sinking Funds – SCSI report

You may have seen the report issued this week by the Society of Chartered Surveyors Ireland.

Sinking Funds in Apartments – Facing the Challenge” is a hugely valuable contribution to the reform agenda for the sector.  The report echoes much of the material we have landed with Government and others in recent months.

We were glad to have the opportunity to provide comments on a draft of the report, and to attend the launch at the Society’s PMFM Conference in Croke Park.

Newstalk FM

If you missed our discussion of apartment management with Ivan Yates on The Hard Shoulder on 10 October, you can catch up here.  The discussion starts about 15 minutes into the recording.

November meeting

Our November meeting is scheduled for Wood Quay on Tuesday 27th.

We will hold a session around the preparation of Sinking Funds budgets.

Our usual open forum will provide you with the opportunity to raise problems and share information.

We’ll update you further in early November.

4 thoughts on “Sinking Funds, November meeting

  1. AGM held this week for our Apartment complex. I attended meeting. What concerns me is that an unoccupied apartment (17 yrs now) has an outstanding amount of management fees for £40,000, which is in fact greater than the sinking fund for the 39 apartments.

    A further matter is that the management committee tends to be voted in every year going back decades. Owners of apartments, mainly those who are landlords, fail to attend meetings so the views of the few are the basis of what is happening in the complex.

    £40,000 owed by a deceased owner with no way of having access to same because the owner was resident abroad surely is not a unique situation. Apartment living will become common place in the Ireland going forward and we need to provide legislation for such circumstances.

    Would appreciate any advice on how to get the repayment of this £40,000 which could be contributed to the sinking fund amount?

    Michelle

    Liked by 1 person

  2. Michelle
    Has the Management Company taken legal advice on this matter?
    If yes, what advice have they received? If no, have you queried why?
    Have you considered putting your name forward for election as a director? The information you are entitled to access as a director may enlighten you on the detail of actions undertaken (if any).
    Bryan Maher
    Director, Apartment Owners Network

    Like

    • Michelle, I agree with Brian. Unless you go for the directorship yourself, you will never know the true state of the affairs. Landlords will be landlords and will not commit compared to owner occupiers. We became self managed a few years ago and never looked back. Its hard work bu you have more control.

      Like

  3. Under s 18.7 of mud act approval for s charge to defray cost for matter that are or were the responsibility of the developer or builder shall have no effect until three years after the common areas have been transferred to the management company.

    Like

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