Freehold management

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    Freehold management

    I have recently acquired the freehold interest in the building in which I am also leaseholder. There are 2 other leaseholders also, but neither has an interest in the freehold. We currently have a freehold management company managing the freehold, but are considering terminating this agreement and managing it ourselves. In preparation for this, are there any books I can read to guide me through the responsibilities/requirements of a freeholder? For the service charge accounts, is there a requirement for the funds to be held in a stakeholder's account or can I open a separate account in my name to hold these funds?

    The freehold is not owned by a company, is there still a requirement to provide annual statements of account? I cannot see this as a requirement in the leases, but it may be a requirement according to Statutory instruments?

    Any source of advice/guidance on this transition would be gratefully received.

    #2
    1. Separate bank account to be opened as "your name( client account)"

    2. For Guidance, buy a copy of "RICS Residential Management Code". You can see copy in stiky No.2 at start of this section

    3. A summary of the service charge spending for one year to be available within 6 months from end of year. No need for auditing. You may be asked to provide copies of the service charge accounts for last 3 years if a flat goes for sale upon enquiry by the buyer's solicitor .

    Comment


      #3
      Originally posted by Gordon999 View Post
      1. Separate bank account to be opened as "your name( client account)"
      Sorry but I have said this before its important to note that as a freeholder he is not his own agent and can't open a client account.

      Looking at section 42 of the LTA 1987 the bank msut simply confirm that the funds are held and recognised as held in trust.

      He should only keep service charge monies in that account and the bank should be happy to name it "abJog -service charge funds for block name".

      have a look at
      http://www.lease-advice.org/
      http://www.arma.org.uk/public/h/advice
      Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

      Comment

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