Apartment Owners’ Forum 30 October 2007

1. Apartment Owners’ Forum 30 October 2007

2. Company Accounts • Can you explain what an auditor does? Why is it important to have the accounts audited? • When I receive my set of audited accounts what requires particular attention? • What are “ qualified “ accounts? • There have been no accounts filed with the C.R.O. for over two years - is a company not legally obliged to file accounts every year?

3. Corporate Governance • There has never been an AGM held and I am an owner for the last 5 years. What should I do? • I wanted to sell my apartment however found out that my management company was struck off 6 months ago. What should I do? • My management company was struck off 4 years ago, how do I go about having the company reinstated; do I need a particular type of solicitor?

4. Legal • The Common Areas have not been vested- when should vesting occur? • The developers are still directors of the management company. We want to become directors and have a say; how do we make this happen? • Does a residents’ committee have any legal standing or do you have to become a director to have a say? • What legal papers do I need to copy? What information do they give me?

5. Sinking Fund • What is a Sinking Fund? • When should it be set up and how much should each owner put into it each year? • What should it be used for? • What should it not be used for? • What is the impact of not having one? • Is it too late to set one up now?

6. Planning Enforcement • The sales brochure said we were to have a roof garden – it doesn’t exist. • There were electric gates on the plans but they were not installed. • How do we find out where the land associated with the complex starts and finishes? What do we own collectively? • How can I check what should have been provided by the developer, can I make him carry out this work if structures or elements are missing? • The developer is gone off site. How do we get him to fix the snags?

7. Fire Safety • The fire alarm panel in the hallway is continuously bleeping, what should I do? • Residents leave buggies/bikes outside their apartment doors, the underground car park is used as a dump for old furniture.What do I do? • What fire safety systems are usually installed? • Cars are parked everywhere at night – I don’t think a fire tender could gain access if there was a fire. What can I do?

8. Insurance • How do I find out whether the insurance policy is valid? • Are there other types of insurance that our management company should have - or do we only need block policy insurance? • I live in a house and am part of a management company- what insurance should I have? • How can I be sure the complex is insured adequately; Could it be under insured or over insured?

9. Service Charges • I have stopped paying my service charges as I do not know where the money is going? • The heating in my apartment has never worked properly so I stopped paying my service charges. • The service charges are increasing every year, what should I do? • How are the yearly service charges calculated?

10. Debt Collection • Some owners have never paid their service charges and the company has no money for essential services like cleaning, and refuse collection. What action can be taken against these owners and who should take it? • If an owner goes to sell his apartment and there is service charge debt can he leave the debt attached to the apartment for the next owner.

11. Managing Agent • I am not happy with the managing agent; the windows are never cleaned & parking is a free for all. • The residents in the apartment above party every weekend - the managing agent has done nothing. • The managing agent never visits the complex,every time I ring about the gate being broken, I am told “ he/she will get back to me” • Who controls the funds for our management company, who signs the cheques? • How do we know we are getting good value from our agent? Can we change them?

12. Design •        Design Standards •        Urban Issues

13. Apartment Owners’ Forum 30 October 2007