Managing agents

[London Flat Dweller]

I am a freeholder/lessee and I am in discussions about buying into our managing agents company and becoming an equal share director. Would I have to declare my position to the other freeholders/lessees even though I will not be managing the property itself?

many thanks

[eagle2]

You should inform the other leaseholders because it is a conflict of interest, you stand to benefit if the agent remains appointed. If you are a member of a Company, check the Articles to see whether or not you have the right to vote. It would be good practice anyway to abstain when voting on the reappointment of the agent,

[London Flat Dweller]

Many thanks. I appreciate the conflict of interest issue. We are not a company.

[Macromia]

I tend to think that people already known that they should inform the leaseholders when they ask questions like this.

Any leaseholder who isn't intending to fleece the leaseholders in their property already knows that they need to be open and honest.

[London Flat Dweller]

Thank you for your comment. The situation is a bit more complicated than it would first appear as one of the leaseholders is in breach of his lease and has done thousands of pounds worth of damage and is refusing to rectify the situation. The other freeholders and I are trying to find a way of putting the house in order without going to court.