What’s at stake: Apartment owners are facing massive repair bills as their multi-unit buildings age because not enough has been set aside in their long-term maintenance funds. Lobbyists want to see court-appointed administrators to handle remediation rather than inexperienced bodies corporate.
Background: After the leaky building crisis, charges were made to the Unit Titles Act requiring bodies corporate to have long-term maintenance plans and maintenance funds. Further tweaks were finalised in May last year, requiring larger buildings to have 30-year plans, updated three-yearly.
Main players: George Court apartment owners, other apartment owners, Crockers Body Corporate Management, Home Owners and Buyers Association.
The 60 or so owners of the heritage-listed George Court apartment building in central Auckland vote tonight at an extraordinary general meeting (EGM) to raise special levies to pay for a $9 million long-term maintenance bill.
There is just $850,000 in the building’s long-term maintenance fund,
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Key points
What’s at stake: Apartment owners are facing massive repair bills as their multi-unit buildings age because not enough has been set aside in their long-term maintenance funds. Lobbyists want to see court-appointed administrators to handle remediation rather than inexperienced bodies corporate.
Background: After the leaky building crisis, charges were made to the Unit Titles Act requiring bodies corporate to have long-term maintenance plans and maintenance funds. Further tweaks were finalised in May last year, requiring larger buildings to have 30-year plans, updated three-yearly.
Main players: George Court apartment owners, other apartment owners, Crockers Body Corporate Management, Home Owners and Buyers Association.
