Freeholders being taken for a ride?

Freeholders being taken for a ride?

10:32 AM, 9th May 2016, About 9 years ago 47

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I own a buy to let flat. I am one of 18 freeholders. The new Manager, who was not elected, took over and increased our management fee by 70% because he wants £9000 per year for his pocket, plus the £12000 per year for maintenance costs we were paying previously (the complex of 18 flats in three blocks was only built in 2003, so doesn’t require high maintenance).taken

This manager, who owns one flat, will not provide contact details of the other freeholders – except his family members, who are trying to undervalue and snap up the entire complex cheaply. He says it is confidential information.

Please can anyone tell me if he is right, or should I have a right to contact other freehold owners of the same building direct, of which building we are all registered shareholders? After all, this is public information at the land registry, but I believe I should not have to go there.

It is my belief that this manager works for us and should comply with reasonable requests and facilitate direct communication between the owners. Am I wrong?

Ingrid


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Tim Fenn

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13:28 PM, 14th May 2016, About 9 years ago

That's a pain, I stand corrected.
There is legal protection for minority shareholders though.
One thing is for sure, without accounts and breakdowns I wouldn't pay a penny.

Ingrid Bacsa

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13:34 PM, 14th May 2016, About 9 years ago

Reply to the comment left by "Tim Fenn" at "14/05/2016 - 13:08":

That's useful, although it still means 4 votes in essence as it decreases the quantity of voters from, say 18 to 15 so I think the odds are almost the same, ie, 4/18 votes Or 1/15 . This leaves 14 votes to the rest of us in both cases.
Good point though! I wonder Where does it say that.

Ingrid Bacsa

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13:37 PM, 14th May 2016, About 9 years ago

Reply to the comment left by "Tim Fenn" at "14/05/2016 - 13:28":

Just received accounts for the last two years, so someone must have got on to him! Expenditures all lumped together tho, totalling ahem. Approx £21000 each year!!!! Now the fun begins !

Ingrid Bacsa

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13:40 PM, 14th May 2016, About 9 years ago

Reply to the comment left by "Tim Fenn" at "14/05/2016 - 13:08":

Dear Tim

Can you tell me where I can read up on "protection for minority shareholders"
please ? I need to throw the book at him

Ingrid Bacsa

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13:45 PM, 14th May 2016, About 9 years ago

Reply to the comment left by "Nick Pope" at "14/05/2016 - 13:13":

Nick - I found out I can get list of shareholders there. I do have their names but not addresses, which I believe the manager should pass to me. It is time consuming through land registry
Thanks

Tim Fenn

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14:10 PM, 14th May 2016, About 9 years ago

I have a great solicitor who deals with most things like this for me. A quick Google search brings up plenty.
I've found a letter from a specialist has a lot impact than what I can do myself. You do need to get in touch with your other leaseholders, this sounds like a fight best tackled together.
It sounds to me like you think they are increasing the fees so they don't have to pay any and also drawing a salary for the time spent on it?

Ingrid Bacsa

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2:33 AM, 17th May 2016, About 9 years ago

Yes, I think that is the case. (I just saw your post Tim).
I MUST get in contact with the others. Time is the problem as too much going on already! I'll get there eventually ! Thanks

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