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Fleecehold Propties
Any thoughts from anyone who owns one?
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I managed a business in an office with apartments above. We bought the freehold to the property between us all and formed a Resident's Management Company to manage the common areas. Some of us were directors of the RMC.
Not quite the same but similar I guess.
Meetings were held in one of the apartments over a sherry and a slice of Battenberg until it became clear that there was a company to run and a roof to fix!
I don't know if this any use to you 237, but I've built and owned small blocks of flats where I've set up a Management Company .
The building was freehold, and I issued one share per leasehold flat so that each owner had an equal share of the Management Co., and thus a share of the freehold.
I could then resign from the MC, and leave them to it.
Thanks The Builder. It is estate rent charges that I`m concerned about. I`m trying to find out if there is a deed of variation on clause 121 of the Property Act 1925 and I don't think there is at the moment and I`m not sure if the management company is handing over to the residents to run. My solicitor is asking for documents at the moment. I`ve read loads of threads on Reddit/MSE forums and it's a bit of a worry
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