Management Company Information When Selling

J

Jack Reilly

New Member
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4
Hi,

I am in the process of selling my house in an estate that still falls under a management company and is managed by an agent. The annual fee has been between €200-€300 a year since I bought 13 years ago. It's always been paid and there are no arrears on the property.

I was aware of a cost for up-to-date information on the Management Company that needed to be supplied by my solicitor as part of the sale.

Problem is that I have now been told that the cost for the Agent to provide this information to the solicitor is €520.

Just wondering if this is par for the course and if anyone knows does this go directly to the agent or does the Management company see any of this fee?

Seems like extortion to me. If they can charge what they want and if you don't pay you can't sell.
 
Seems pricey alright.
I can't see why the charge is so high or that there's a charge at all to be honest.
Can't you just access your statements online via MyBlockMan or similar?
Alternatively contact the management company directly, bypassing the agent, and ask for proof of up to date payment maybe?
Our annual reports also used to list the addresses in arrears so maybe that's another way to show that you're up to date with payments?

Edit: our management agent provides access to management company related documents via MyBlockMan. I just checked my account and there's an up to date statement there showing that I have no outstanding payments due for the management fee (I pay by quarterly DD and the 4th for this year was collected recently). I would assume that this would suffice if I was selling and had to show that there were no management fees outstanding?
 
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I paid €300 to our managing agent for Mud Act information. €510 seems a bit high.
 
A friend of mine has recently paid over 400 euro for the "MUD pack" as he's selling an apartment.The pack includes more than just the statement of the seller's account - it includes details of how solvent the management company is and gives an outline of the next year's budget (including provision for repairs, etc)
 
gipimann said:
A friend of mine has recently paid over 400 euro for the "MUD pack" as he's selling an apartment.The pack includes more than just the statement of the seller's account - it includes details of how solvent the management company is and gives an outline of the next year's budget (including provision for repairs, etc)
Click to expand...
Can't all that be covered by the company's CRO annual report, accounts, and individual householder's statement? Seems crazy to me today one would have to pay hundreds of € for such info. A nominal administrative charge would be about all that I would be willing/expecting to pay. After all, the householder is a member/shareholder of the management company.
 
gipimann said:
A friend of mine has recently paid over 400 euro for the "MUD pack" as he's selling an apartment. The pack includes more than just the statement of the seller's account - it includes details of how solvent the management company is and gives an outline of the next year's budget (including provision for repairs, etc)
Click to expand...
As a member I have a copy of the last audited accounts, next year's budget and my own statement but pretty sure that the MUD legislation is going to say somewhere that it must come from a registered agent.

Solicitor told me the cost with this agent was €380 in 2021 and increased to €480 at start of 2022 and increased again last month to €520!!

It's just another shake down by the sounds of it. Anti-competitive practice? we just have to pay what they say, or you can't sell a property. Its not if we can shop around ;)
 
Jack Reilly said:
Solicitor told me the cost with this agent was €380 in 2021 and increased to €480 at start of 2022 and increased again last month to €520!!
Click to expand...
I paid just over €300 for the management company to provide the replies to requisitions on the sale of an apartment a few years ago.

That was pretty much the going rate at the time - €520 certainly seems a bit on the high side to me.

It might be worth putting a call into the PSRA (or at least threatening to do so).
 
Hmmmm, I guess that this is the documentation in question...?
ckp.ie

What Are MUD Act Replies?  | CKP

MUD Act Replies is information provided by the Managing Agents to your solicitor before buying a unit that is part of a managed development.
ckp.ie ckp.ie
Edit: germane boards.ie discussion here:
www.boards.ie

Management Company: MUD Fees

Hi folks, sale agreed and solicitor says my management company are asking for EUR 369 for MUD processing.
www.boards.ie www.boards.ie
 
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