1. What is a Management Company?
A Management Company is a company which has been set up to own and maintain the communal areas of a development. Management Companies are responsible for the maintenance of shared services and communal areas within a development.
2. What is the difference between the Management Company and the Managing Agent?
The Management Company, through its Board of Directors appoint Managing Agents to oversee the proper running of the development and to ensure that all common areas and services are maintained to a high standard and to maintain the development as a high class residential development. The Managing Agent works under instruction from the Management Company.
3. What are Service Charges?
Service Charges are the annual fees that every property owner in a Multi – Unit Development must pay for services provided by their Management Company. The service charges pay for the upkeep of common areas, including repairs and running costs. Service Charges also pay for common area electricity bills, block insurance, refuse collection and landscaping.
The Service Charge budget must be present to all Members of the Management Company at a General Owners Meeting prior to being charged out as required by Section 18 (4)(b) of the Multi-Unit Developments Act, 2011.
4. How do I pay my Service Charges?
Henry Wiltshire facilitates the payment of service charges by any of the following methods:
- By cheque or bank draft (made payable to your Management and not to Henry Wiltshire)
- Debit / Credit card
- Quarterly Direct Debit
- Monthly Standing Order.
5. What happens if I do not pay my Service Charges?
If you do not pay your service charges, the Management Company may charge interest on your account as per the terms of your lease agreement. Your account may also be placed with Management Company’s specialist debt collection solicitors for collection.
If service charges are not collected, the Management Company will not have sufficient funds to meet day to day expenditure and essential services may have to be curtailed or stopped. These services could include, refuse collection, common area electricity supply, landscaping etc.
6. What is a Sinking Fund?
A Sinking Fund or Building Investment Fund is a fund which is established to fund future capital expenditure projects in a development such as roof replacement, painting of common areas etc. The Sinking Fund should be held in a separate bank account which is under the sole control of the Board of Directors and should never be used for day to day expenditure.
The annual contribution to the Sinking Fund is determined at a general owners meeting as required by Section 19(5) of the Multi-Unit Developments Act, 2011.
7. What is covered under the Block Insurance Policy?
Generally, the “Block Insurance Policy” will cover any structural damage which is incurred as a result of an insured peril. It does not cover owners contents. Owners are advised to have their own contents insurance policy.
An excess exists on every policy and these excesses are subject to annual change upon the insurance renewals.
Claims must be reported to our office and we will assist owners in submitting their claims to the Insurers.
8. Why Choose Henry Wiltshire?
Find out more about what we can do for you in our Why Choose Henry Wiltshire page.