Sale of 2nd hand apartment - how are OMC's getting purchaser information?

[Mers1]

Sale of 2nd hand apartment - how are OMC's getting purchaser information?

How are OMC's getting new buyer details in order to maintain an ownership register?

 

[ClubMan]

In my experience, as part of the purchase process the purchaser's solicitor gets them to sign the relevant management company lease and this goes to the management company.

 

[Mers1]

As in the counterpart?

 

[ClubMan]

I don't know what you mean.
When I bought my house my solicitor explained the privately managed nature of the development, the management company lease, and asked me if I was happy to sign it.
I was and did.
This went back to the seller (the developer) who presumably passed the management company lease and my details on to the management company.
I presume that this is how a management company is normally kept abreast of the details of property holders in their development.

 

[Fortune]

Sale of 2nd hand apartment - how are OMC's getting purchaser information?

When buying an apartment, you are actually purchasing a lease from the OMC.

 

[ClubMan]

When buying an apartment, you are actually purchasing a lease from the OMC.

In my case it was a house but there was still a lease relating to the management company.

 

[ClubMan]

Mud in your eye

www.lawsociety.ie

Typically, an ‘owner’ holds a long lease (for example, 999 years) to a unit that is held from an owners’ management company (OMC), which owns the freehold and, importantly, owns the common areas in a development.

The long lease gives an owner exclusive rights to the unit and limited rights in relation to the common areas, coupled with an obligation to pay an annual charge to the OMC.

The owner is also typically given a shareholding in the OMC, which is broadly proportionate to the ratio of one unit to the number of units in the entire development.

 

[Mers1]

My problem is,the managing agent is looking for an undertaking from the vendors solicitor to provide details of the purchaser on completion.

It's not the vendors solicitor obligation as set out under MUD section 8. They are refusing to do it. I would agree.

My thoughts are the counterpart lease agreement would have the purchasers information and this is returned to the omc via the managing agent on closing.

Am I missing something?? My conveyancing day's are behind me, but reading the conveyancing notes from the law society is contradicting the managing agent understanding.

I'm trying to get something solid to approach the MG agent.