Property Management Accounts.

jcdel

We have been in this multi occupancy now for two years.Each owner owns one share and we all pay a fixed figure every quarter for insurance,building maintenance etc.The main point being is that there is little buildings maintenance and we are told that the insurance takes the bulk of the income every year leaving little or no surplus.Are we as shareholders supposed to get accounts.There are four directors and a company secretary none of whom get involved in the everday running of the building.

Fire_Fox

What do you mean by multi-occupancy? Is this a leasehold/ share of freehold self-contained flat that you own? Or are you talking about a co-operative? Which country are you in? How much are you paying each year?

BitterAndTwisted

Four Directors and a Company Secretary to administer one buildings insurance invoice and issue an individual demand to each property once a year? Crackers. How large is this develpement?

Fire_Fox

BitterAndTwisted wrote: »

Four Directors and a Company Secretary to administer one buildings insurance invoice and issue an individual demand to each property once a year? Crackers. How large is this develpement?

The OP said they don't get involved in the running of the building, I suspect the residents own the building as a company, hence the need for (unpaid) directors.

jcdel

Thanks for the replies.There are 9 flats in total and we own the freehold.Currently we all (theoretically) pay per qtr £60.Recently a seller had to pay £50 to obtain certified accounts before the sale could proceed.I am told that there is a situation whereby minimal accountancy procedures can be adopted whereby accounts are not readily available.The management company is registered at Companies House