What’s the problem?
When a developer is finished building an apartment block or estate, they are supposed to hand over ownership to the management company – this is known as vesting and allows the owners full control of the day to day running of the estate. Without vesting, the owners and residents are nothing more than a shelf company, looking after something they don’t own.
What actually happens?
In several estates, the developer has taken years before vesting. In some cases, they have no intention of vesting. This allows them to come back later on and add floors, build on green areas, change units from residential to commercial and there’s nothing you can do about it.
What we want
We want the new government legislation to force developers to vest immediately and to set up equal-say management companies. They can continue building and complete the estate but as soon as someone buys an apartment or house, they are part of the company and they control the estate. There won’t be any nasty surprises because there’s nothing the developer can do without the consent of the owners. All we want is fair play for owners.