Owners Grouping Together

greeneman

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I own one apartment in a block of 135 in Edinburgh, Scotland.
There is no management Company in place. They appoint a factor over there. Their job is to manage the common areas and collect the cost from the landlords. Property is badly run.
I know about 80 other Irish involved here.
The original Irish developer appointed the same company as factor and letting agent at the outset.

A small minority have moved away for letting, but the original factor/letting agent has all the maintenance and 85% of the letting.

In theory, can we organise a co-op and start running this ourselves ? Note, we are in Ireland. they are in Scotland. I would like to appoint professionals and remove the existing agent. I realise I must operate within the lease. I think we would get respect if we moved together. At present we are just a disparate group of Irish patsies, with big losses and extremely naive.

My concerns are that if I lead it,

1: can I be sued by the existing agent when my co-op tries to kick them out. I don't really have the resources to build a case against them. I just know in my gut that they are incompetent and untrustworthy. All 80 cannot be wrong, surely.

2: I cannot be an agony aunt for 60 deeply unhappy Irish landlords, inexperienced and nursing big losses.

Any advice out there ?
 
There's an awful lot you haven't told us. Are you renting? are all the apts rented?, are there lifts? Are the apts 1bd rm, 2bd rm, etc? Who collects rents? When you say it's badly run, what exactly do you mean? Is there refuse collection, water charges, common heating, etc, etc, who collects all this money? Grass area to mow? If you guys take it over how are you going to know what's done or not done? The reason I mentioned lifts is because they're expensive, they have to be serviced very regularly for insurance purposes and it's expensive and a closed shop as regards getting it at a cheap price. There's plenty of other problems that I've not mentioned, just be sure you understand everything when you say it's not being well run. Oh, by the way, the question of whether all 80 of you could be wrong may be something you're better off not knowing!
 
Thanks for your interest.
Block is rented. Good location. We pay for all the services you mention. About 70K per annum. Rents could be better but the block is very poorly presented.
I know how to run this place. Basically I will bring in professionals. I am not afraid of that.
I am just concerned about the implications of my sacking the present agent and then my professional people will sack many of his suppliers. And I am worried that many of my non professional landlords will not be able for the fight and will ring me when the going gets tough.
You see the Irish don't understand this stuff. They thought property is a one way street.
How can I make money from my expertise and leadership on this ?
 
I am worried that many of my non professional landlords will not be able for the fight and will ring me when the going gets tough.
You see the Irish don't understand this stuff. They thought property is a one way street.
How can I make money from my [...] leadership on this ?

Methinks you want them to follow you, but you don't want to lead them.

Being blunt a management company should serve all owners together, they're not about to club together for your own individual benefit. I'm probably missing something here as to why you expect they would all be ringing you, you yourself.
 
I don't know the Scottish laws (they are different to those in England and Wales and of course, Ireland.
However, I would presume there is an AGM at some stage during the year. You could get all the Irish landlords to back you up with any suggestions that you have and which can be brought up at the AGM.

A good property manager or factor will provide technical expertise, organise the work, deal with billing, payment and administration and handle the tensions that can sometimes arise between owners.

Google "Scotland management factor" which brings up interesting articles especially by the Scottish government.

In some situations, you may have to hire a property factor. This may be the case if:
it's compulsory to have a factor
- this will be stated in your title deeds
 
You will need specialist Scottish legal advice. It is likely to thin on the ground in here.
 
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