Management Company

I recently attended an AGM for a management company run by the residents which also owned the freehold of the block of apartments. It became clear during the meeting that while the Directors wer seeking legal advice on a number of issues the lawyer involved failed to advise them on their obligations relating to expenses incurred exceeding £250.00 per unit. This clearly had an impact on their ability to raise funds for necessary works at the property and indeed the meeting was adjourned as a result of this and other procedural matters.



It is important therefore when becoming involved in these type of arrangments that the advice of a specialist is obtained which must include details of a Directors obligations as well as their responsibilities as leasehold property is full of pitfalls for the unwary.

Reg