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I’m sale-agreed on an apartment but there are issues with management. Should I go ahead with the purchase?

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I was told the block needs repair but the owners’ management company doesn’t have the money

I’m sale-agreed on an apartment but there are issues with management. Should I go ahead with the purchase?The sinking fund, or building investment fund as it is sometimes known, is a fund that is established by the OMC in accordance with section 19 of the Multi-Unit Developments Act 2011. It is a separate account that is ring-fenced to provide for capital expenditure of a non-recurring nature.

A properly enforced company policy for the collection of service charges is very effective in ensuring the compliance of owners in making their payments. That said legal reform in this area that would make it less onerous and expensive for OMCs to recoup non-payment of service charges would be most welcome.

 

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