Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
Two years ago I bought the 999 year lease for one of 12 flats in a converted property. A Ltd company was in place, with 12 share certificates, and the developer as sole director.
Once all 12 flats were sold the developer resigned his directorship and in February 2016 and passed the management to an ARMA registered agent without our express consent. They hold two corporate directorships.
None of us are yet directors, although at least 2 of us have completed AP01’s. The management company have not submitted these to Companies House. Essentially they control the freehold although we all have share certificates.
They sent us their initial invoice for the service charge along with what was headed up as an ‘annual budget forecast’, it seems to be calculated for a half year but then the invoice is for a quarter year. They put a management charge of 68% on top of those projected maintenance costs.
We, all 12 lessees, are not satisfied with the performance of the management agency thus far and wish to take back control of the management and the freehold.
How do we go about removing them without too much financial pain?
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