Residents Held “Hostage to Fortune”

The lack of regulation of management companies in Ireland has meant thousands of residents in east Meath are “hostages to fortune”, according to Sinn Féin local election candidate Sinéad Burke.She said, “Further to the stresses of meeting mortgage or rent payments in the current economic climate, many residents in east Meath are then landed with having to pay astronomical fees to private management companies who can charge whatever fees they deem appropriate and remain completely unaccountable. “Over the last couple of weeks I have been contacted by many local residents in east Meath who feel extremely frustrated at the lack of regulation in this sector. In one apartment complex in Bettystown management company fees went from €1,200 per year to €1,600 per year, without explanation or advanced notification. This is completely unacceptable.“For-profit companies should not be allowed extort thousands from people in housing estates and apartment blocks towards the upkeep of the area and provision of essential services when that is the responsibility of local authorities. All public areas should be the responsibility of local authorities and never outsourced to private management.“Although a form of management company will be unavoidable for apartment blocks they should only be subject to not-for-profit management companies and only cover structural insurance, internal communal areas and walled gardens. The government must implement legislation to ensure that fees are not foisted upon the tenant at the merest whim of the company.“It is imperative that the legislation is introduced to regulate these companies. Being subject to company law is clearly not enough. They are unregulated entities that tenants are forced to buy into and then have no legal get-out.”