The creation of a single regulatory body for apartment management companies and others in the sector, as well as a requirement that service charges be calculated five years in advance, are among new proposals unveiled by Fine Gael this afternoon.
Launching the party's new policies on management companies and agents, the party's environment spokesman Phil Hogan said they would serve to stop home owners being "ripped off" by also requiring initial service charges to be calculated by a professional quantity surveyor.
Fine Gael says the situation of over 500,000 property owners with 4,600 management companies would be improved if its plans are introduced.
Among the other key proposals contained in A Fairer Deal for Modern Livingare:
- The term "management company" should be changed to a not for profit "owners company". The party says it will introduce legislation to ensure that this term will have a clear legal definition setting out its core functions.
- The immediate introduction of legislation to place the current National Property Services Regulatory Authority (NPSRA) on a statutory footing, including the power to regulate management companies.
- The merger of the Private Residential Tenancies Board with the current NPRSA, to create a single "over-arching" body for the property sector.
- A requirement for developers to convey the title of the building and common areas to the "owners company" within one year of completion.
- Make it an offence for all property management agents to operate without a licence. They would also be required by law to disclose any commission or discounts to the members of "owners companies."