Tweet
Dear and most Esteemed Legal Beagles!
I own a share of Freehold on a property with 30 flats. Every flat is a shareholder. A long long time ago the shareholders elected a few Directors who are empowered to make decisions on behalf of everybody per the lease contract. Since then the Directors have been appointing themselves every year which may seem a bit back-scratching but isn't the main point. The main problem I have now is that the Directors and the management company they brought in to manage the estate, have reached the conclusion that the roof needs replacement, and would like to charge each flat an eye-watering sum in excess of £10k for this work. The roof indeed is leaky and from the 60s, they brought a surveyor company who wrote a report stating that the lowest-cost option to replace the roof is to pay this amount. The next step is to engage in a Sec. 20 consultation, before a tender is issued. The Directors are in a rush to get the work started next spring, which means their stated intent (as communicated in the last EGM of the tenants association) is to raise the sum of £10k from each flat by April, in order to pay for the works.
I will be grateful for any advice, is there a practical way to stop the process, as the work seems to be very expensive. At the very least I would like to delay the work by 1 year to allow time to gather the money. On the other hand if the roof replacement is indeed necessary still I feel the cost is too high. Unfortunately at the last EGM all other leaseholders acquiesced with this mad plan (I'm not sure why and where are they planning to magic out the 10k but I don't have this kind of money...).
Any advice or feedback will be much appreciated!
Warmest regards
The Piper at the Gates of Dawn
I own a share of Freehold on a property with 30 flats. Every flat is a shareholder. A long long time ago the shareholders elected a few Directors who are empowered to make decisions on behalf of everybody per the lease contract. Since then the Directors have been appointing themselves every year which may seem a bit back-scratching but isn't the main point. The main problem I have now is that the Directors and the management company they brought in to manage the estate, have reached the conclusion that the roof needs replacement, and would like to charge each flat an eye-watering sum in excess of £10k for this work. The roof indeed is leaky and from the 60s, they brought a surveyor company who wrote a report stating that the lowest-cost option to replace the roof is to pay this amount. The next step is to engage in a Sec. 20 consultation, before a tender is issued. The Directors are in a rush to get the work started next spring, which means their stated intent (as communicated in the last EGM of the tenants association) is to raise the sum of £10k from each flat by April, in order to pay for the works.
I will be grateful for any advice, is there a practical way to stop the process, as the work seems to be very expensive. At the very least I would like to delay the work by 1 year to allow time to gather the money. On the other hand if the roof replacement is indeed necessary still I feel the cost is too high. Unfortunately at the last EGM all other leaseholders acquiesced with this mad plan (I'm not sure why and where are they planning to magic out the 10k but I don't have this kind of money...).
Any advice or feedback will be much appreciated!
Warmest regards
The Piper at the Gates of Dawn
Comment