Freeholders being taken for a ride?

Freeholders being taken for a ride?

10:32 AM, 9th May 2016, About 6 years ago 47

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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



Comments

Andrew Bird

10:50 AM, 14th May 2016, About 6 years ago

To find who the other leaseholders are a simple way to start is to do a mail shot to each flat explaining the problem and asking them to contact you.

Puzzler

11:08 AM, 14th May 2016, About 6 years ago

Ingrid has already said that the other flats are all tenanted and doesn't think it will help. However the tenants may know who their landlord is?

LEASE (Leasehold advisory service) and Shelter have a lot of info on their websites

Simon Lever - Chartered Accountant helping clients get the best returns from their properties View Profile

12:00 PM, 14th May 2016, About 6 years ago

To find out who the other shareholders are a simple search at Companies House will give this information for free.

Type in this web address https://beta.companieshouse.gov.uk/ and then type the name of the company that owns the freehold into the box. Go to the filing history tab and download the annual return (a PDF file). This should give a list of shareholders. They are the current co-owners of the company and the ones to contact.

Puzzler

12:07 PM, 14th May 2016, About 6 years ago

Wow, Simon, thanks I didn't know about that. Of course their addresses are not given but the Directors' are, also the accounts etc. Very useful!

🙂

Ingrid Bacsa

13:05 PM, 14th May 2016, About 6 years ago

Reply to the comment left by "Puzzler " at "14/05/2016 - 11:08":

Oh Puzzler darling - they could not help with that one! I have to swallow my pride and hunt them down myself. BUt I Am charging for this - since managers own time is so expensive and how will he know if I am wrong ?
Hope to scan my Articles again this weekend! X

Ingrid Bacsa

13:07 PM, 14th May 2016, About 6 years ago

Reply to the comment left by "Andrew Bird" at "14/05/2016 - 10:50":

Thanks Andrew! Will be posting again here on this!

Tim Fenn

13:08 PM, 14th May 2016, About 6 years ago

Hi,
I've only have a brief read through this,
I'm not sure if anyone else mentioned it, if you own 2 or more leasehold flats on one freehold title you only get one leasehold vote.
So if they own 4 out of the 18 under one name they only get one vote for those four.

Ingrid Bacsa

13:12 PM, 14th May 2016, About 6 years ago

Reply to the comment left by "Simon Lever" at "14/05/2016 - 12:00":

Yes, I have their names from the manager - but not their addresses ! My point is HE should provide these since we are all part of the same limited company with the same interest! He does not want us to talk to one another! Land Registry is very time consuming and I should not have to do this route for my own company! Keep u posted, thanks

Nick Pope

13:13 PM, 14th May 2016, About 6 years ago

Re: Companies House.

This is all public information. You can set up an account (free) and for £2 get the annual accounts and all the other relevant information including annual returns. Don't think you can get a list of shareholders but there should be a registered address and you can use this to serve notices.

Puzzler

13:16 PM, 14th May 2016, About 6 years ago

Reply to the comment left by "Tim Fenn" at "14/05/2016 - 13:08":

Tim, that only applies to enfranchisement, I had a long argument on here as I previously thought the same as you. One flat = one share = one vote. For enfranchisement it is a maximum of two which means you cannot buy up half a block and then the freehold, which is what you are thinking of.

Also not much help if it's family, as they can vote independently

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