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Do we need a management company?
mojoman
Posts: 63 Forumite
We live in a flat in a block of four.Each flat owns a share of the freehold and has a 999year lease with 988 years remaining.One tenant arranges the buildings insurance and we all pay a quarter.There is no service charge and no maintenance,any repairs are agreed beforehand and paid for in equal shares.Everything is very amicable and works really well,so do we need to go to a ll the fuss of forming a management company or can the tenant who arranges the insurance be the one who is in charge of things.Hope someone can clarify things for us.
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Comments
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I think you mean there's no sinking fund - a savings account building up a buffer to pay for repairs. You'll spend the same overall, you just won't be able to even it all out.There is no service charge and no maintenance,any repairs are agreed beforehand and paid for in equal shares.
If that person is happy to do it all for free, then good for them. But what happens when they move? Or get bored of being taken for granted? Or one of the other three disagrees with them over what is or isn't needed? Or refuses to pay?Everything is very amicable and works really well,so do we need to go to a ll the fuss of forming a management company or can the tenant who arranges the insurance be the one who is in charge of things.Hope someone can clarify things for us.0 -
If everything is working ok, you can carry on as you are.
I guess problems would arise if you don't get unanimous agreement on something.
e.g. The roof starts leaking and needs a few thousand pounds worth of repairs. And someone disagrees and/or refuses to pay.
Also, if somebody sells and you end up with a less amicable new joint freeholder.0 -
If it ain't broke, don't fix it.0
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