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 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 ?