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Please can you share the advice? I am buying 1 of 5 flats in a Bristol victorian building. Freehold is owned by a random guy down the street, management of the building is run by the residents. 2 main concerns so far are 1) diddly squat in the sinking fund 2) what if 1/5 of the flats didn't want to pay for something e.g. new roof. Don't think there is a contract on how decisions are made.
@ReekBlefs knows a lot about this stuff. It could be that the block is RTM , I'm not sure how leaseholders could do day to day management otherwise.
If the RTM company decides to spend money, it needs to get the money from the leaseholders like any other freeholder or management company. The leaseholders can either volunteer the money as per the terms of their lease or they can fight or just ignore it, but there are consequences if they do, it's just up to the RTM company to implement.
Howard-
Thanks :) Some more info from the solicitor which I will ask her to explain once she gives me a full report on the lease
"The title for the block is made up of three parts:-
· The lease that you will be taking over (known as a sub-lease or under lease)– registered under title AV96701
· A lease to the Management Company (known as a head lease)
· The freehold (currently registered to two private individuals X and Y) – registered under AV23887There is nothing wrong with this set up and you should not be overly concerned that there is an additional lease above yours.
At the moment the sellers have not provided me with a copy of the head lease or the title associated with it and this has been requested within my enquiries. Without this I cannot provide you with a full report in relation to your lease as there may be covenants (do’s and don’ts) contained within this lease that impact your own."
bobble
@rogan
Please can you share the advice? I am buying 1 of 5 flats in a Bristol victorian building. Freehold is owned by a random guy down the street, management of the building is run by the residents. 2 main concerns so far are 1) diddly squat in the sinking fund 2) what if 1/5 of the flats didn't want to pay for something e.g. new roof. Don't think there is a contract on how decisions are made.