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Hero Member
Posts: 737

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« on: December 14, 2018, 03:15:23 PM »

I have just completed the lengthy and expensive process of buying the freeholds to 3 studio flats.The other five flats, a mix of landlords and owner occupants,did likewise.We had to set up a limited company to buy them from the Crown (odd situation with Wimpey's)
Now we have just got the bank account set up,,and after about a thousand emails and a meeting,we are about to start monthly contributions to cover fixed overheads and build up some resources for repairs.Previously it has been done on an ad hoc basis,all contributing to painting,carpets etc when necessary..That has always been hard enough to arrange.One owner stopped her cheque towards exterior painting a few years back,leaving the rest of us to cover.We were already paying the share of a man who was sectioned in hospital (he has since died)

As I am the treasurer, I am concerned about various gripes, nitpicking  and queries from a couple who are not at all short of cash,and feel far from confident that everyone will stump up.The person who stopped her cheque still lives there as well.Am I right in thinking that if it really comes down to it, the rest of us can take legal action to enforce payment,if necessary claiming against their property (currently valued at around 120k each) ? There is a piece of work needed within a year or so which will not even be covered by the funds we will have saved by then.Some of the others seem to think the money will magically appear to cover it all,there is endless quibbling over amounts that equate to the cost of a cappachino. 

I thought  some tenants could be stupid and irresponsible,but  this lot take the biscuit.Any advice much appreciated.
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« Reply #1 on: December 16, 2018, 08:01:05 PM »

Back when I was a trainee accountant, my mentor gave me some sage advice: don't ever live in a flat or, if you do, don't ever let on to the other tenants that you're an accountant, or you'll be stuck with the residents' association treasurer job for all eternity!

Returning to the subject in hand, I think this would be covered by the leasehold agreement between the leaseholder (i.e. the flat owner) and the freeholder (the limited company). Strictly speaking, it would be the company that takes enforcement action, and that might be tricky if the Articles require more than a simple majority of the shareholders.

Having said that, I'm not a lawyer, so I may be talking complete tripe.

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« Reply #2 on: December 16, 2018, 10:20:25 PM »

Thank you Simon.God help me,I did not even take O-level maths,it was not required for art school.I will force myself to sit down and actually read the Articles.I am possibly being paranoid,but as Jack Reacher says,"Hope for the best,and prepare for the worst".
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