13:12 PM, 26th January 2016, About 5 years ago 13
I have inherited a situation I don’t fully understand and wonder if anyone can clarify how things should work please. I am not familiar with running a company and all that entails.
I own 3 leasehold flats in a block of 4. There is a Ltd management company that owns the Freehold and I own all 4 shares in this company. There is a bank account in this companies name into which the maintenance charge is paid. The leases don’t allow for a sinking fund. The owner of flat 4 wants to renew his lease. The lease has been valued and we are about to agree a price for a 90 yr extension. If lease no. 4 is extended and updated and I extend and update my 3 leases (and get a better LTV) what becomes of the freehold?
If I need to sell a/the flat(s) and the residual value is consolidated by some unscrupulous mortgage company, maybe it would be better not to extend my 3 leases so that the value would sit outside the value of my flats?
Is this the best structure to manage the flats or can it be done another way without having to run a company and dedicated bank account? Can I charge a service charge for the work I put in?
Any advice/comments/possible pitfalls would be greatly appreciated.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|