Own an apartment - Just received a random shares letter

boxrick

I own the leasehold on my apartment which is around 18 floors and a number of these are owned by an "aparthotel" the other half are owned by residents.

I have lived here a few years and today received the following through my post box, not sure what it means. Perhaps someone could give me some advice here?

Does this mean we have more of a say of the freehold now?

00ec25

it means you own 3 shares in the named management company. Whether than gives you "extra say" is down to the legal relationship between the management company and the freeholder. Not something anyone on the internet can say unless you wish to accept wild guesses from strangers who have not read the company's articles of association as we don't know what the company name is so cannot look them up ourselves.

if you do not think you will understand the articles yourself then go see a solicitor and get proper advice from someone who can read them

boxrick

Cheers for the reply

Its not like I can just post everything which is basically where I live, my name and all the shares information...

However I was hoping that someone else may have been provided with something similar on a past occasion or perhaps there was a common reason for the above?

G_M

I also have shares in a company. It's called XXXXXXX and I have 7 shares.

Can you tell me what they are worth and what benefits accrue from my ownership?

boxrick

G_M wrote: »

I also have shares in a company. It's called XXXXXXX and I have 7 shares.

Can you tell me what they are worth and what benefits accrue from my ownership?

Nope not at all. But this has a little bit of context, I was hoping it may be a common occurrence for a management company to provide x or y before certain actions happen in this case I was hoping that it would be a sign of something someone may have previously experienced.

That is very different than simply getting random shares.

Based on these responses I assume it is not common and there isn't any particular reasons why they may do so.

00ec25

boxrick wrote: »

Cheers for the reply

Its not like I can just post everything which is basically where I live, my name and all the shares information...

However I was hoping that someone else may have been provided with something similar on a past occasion or perhaps there was a common reason for the above?

I am sorry but the assumption that someone's else's situation or experiences are relevant to you is just wild guessing

there is no "standard" for how a management company works , each one will have its own specifics and the info on that is contained in the documentation which you can access yourself

why not use the letter as an excuse for knocking on the doors of your neighbours, getting to know them and see if any of them can help. After all you all own the management company so someone in that building will know what is going on as there is always a local busybody just waiting for a chance to take charge

steampowered

The covering letter says that the company was set-up in April and that you are a shareholder.

It also says that the Developer transferred its "B shares" to you, and that these are now "A shares".

I imagine that the company was set-up with this structure to give the developer veto rights. The articles of association of the company would have said that the company can't do certain things without the consent of the holder of the "B shares", which would have been the developer.

The letter suggests that the developer is no longer a shareholder in the company. Perhaps it felt that the development is now finished.

As a shareholder, you will have a right to attend general meetings of the company, and may also be asked to vote on certain decisions.

See http://www.lease-advice.org/advice-guide/right-to-manage/# for a bit of info.

robatwork

I really detest the seemingly recent practice of people not signing letters.

Seems nobody is prepared to put their name to anything. Even "customer service" letters and emails are just signed by Laura or Dave with no surname.

I think I'll start a petition. Look out for it.

Rob