Freeholders being taken for a ride?

Freeholders being taken for a ride?

10:32 AM, 9th May 2016, About 8 years ago 47

Text Size

I own a buy to let flat. I am one of 18 freeholders. The new Manager, who was not elected, took over and increased our management fee by 70% because he wants £9000 per year for his pocket, plus the £12000 per year for maintenance costs we were paying previously (the complex of 18 flats in three blocks was only built in 2003, so doesn’t require high maintenance).taken

This manager, who owns one flat, will not provide contact details of the other freeholders – except his family members, who are trying to undervalue and snap up the entire complex cheaply. He says it is confidential information.

Please can anyone tell me if he is right, or should I have a right to contact other freehold owners of the same building direct, of which building we are all registered shareholders? After all, this is public information at the land registry, but I believe I should not have to go there.

It is my belief that this manager works for us and should comply with reasonable requests and facilitate direct communication between the owners. Am I wrong?

Ingrid


Share This Article


Comments

Puzzler

16:59 PM, 10th May 2016, About 8 years ago

ha ha wise to be cautious, I am not an axe murderer but if you send email details I will give you more info - you can even set up one so that I don't know your normal one.

Ingrid Bacsa

17:35 PM, 10th May 2016, About 8 years ago

Reply to the comment left by "Puzzler " at "10/05/2016 - 15:31":

Puzzler
The owners are 98 percent absent - the flats are all let otherwise I would. I understand the resident owners are family of the manager.

£9000 on self management to the 4 directors must be wrong!

Please Let me know when u r in my area: happywithnow@gmail.com

S.E. Landlord

18:06 PM, 10th May 2016, About 8 years ago

If there is a charge of more than £250 per flat then it is necessary to issue a Section 20 notice detailing alternative quotes obtained and giving leaseholders an opportunity to comment. If correct procedure is not followed then leaseholder's cost limited to £250 in respect of that expense.
You should contact Lease as a leaseholder and ask about this, also a lot of information on their website.

Ingrid Bacsa

20:39 PM, 10th May 2016, About 8 years ago

I sent the real McCoy J'get it?

Off to tesco

Michael Barnes

10:00 AM, 11th May 2016, About 8 years ago

Reply to the comment left by "Ingrid Bacsa" at "09/05/2016 - 19:08":

"£500 fee" equals £9000 across all flats.

Michael Barnes

10:06 AM, 11th May 2016, About 8 years ago

Reply to the comment left by "Puzzler " at "09/05/2016 - 19:32":

"£12000 per year" is approximately the £700 per flat per year..

Ingrid Bacsa

11:48 AM, 11th May 2016, About 8 years ago

Reply to the comment left by "Michael Barnes" at "11/05/2016 - 10:06":

Yes Michael but should u read the chain here we also pay 500 each of 18 flats, providing a £9000 fee just for the manager as well, he is also a flat owner !

Michael Barnes

15:08 PM, 11th May 2016, About 8 years ago

Reply to the comment left by "Ingrid Bacsa" at "11/05/2016 - 11:48":

I have read the whole thread.
My 10:06 comment was to puzzler who was querying if £12000 was a typo (I assumed a reference to your original post).
My 10:00 post was a reply to your post where you said "we were told the new manager would only charge a £500 fee". I was attempting to point out that he may have meant "additional £500 per flat" which gives the £9000 about which you are (rightly) concerned. On re-reading your post, I can see that you probably had already twigged this.

I think the actions you describe by that person are outrageous, but I do not have any advice beyond that already given.

Ingrid Bacsa

1:23 AM, 12th May 2016, About 8 years ago

So far, replies have been very helpful ... but
I sTiLL have no idea whether i have a LEGAL right to receive access from the Limited Company Management to the contact details of the 17 fellow freeholders of the apartment complex, of which we are all registered shareholders and leaseholders and freeholders - or which body or organization would know the answer, so that I could throw this at the Manager.

Ok. Will go the land registry route - and charge for my time. Who will then tell the Manager I cant legally do this?

Mandy Thomson

15:49 PM, 12th May 2016, About 8 years ago

I've only just seen this thread. Regarding establishing who the other freeholders/leaseholders are: the other posters are correct in saying you would need to get this information from Land Registry, as the management company is likely to be in violation of data protection legislation by passing you this, whereas Land Registry data is available to the public under the Land Registration Act 2002, which saw the introduction of the open register.

However, getting this from Land Registry is as you say likely to be expensive, as it's £3 per registered title. Also, the property owner's contact address is often wrong on registers as most solicitors simply either give their client's current address (that they're moving out of) or assume they live at the property, when (for example) they're a BTL landlord. LR do some bespoke mass searches, but for ownership information I understand these are currently only available for large organisations.

I would therefore suggest either printing off a short note you post through the doors asking the owners to get in touch with you, and for any tenant to pass it to their landlord, or perhaps use a site such as Street Life, asking any freeholders to contact you.

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now