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Stacker
Senior Member
Last Activity: 18-05-2019, 18:53 PM
Joined: 06-02-2019
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  • Stacker
    replied to Called EGM
    Hello, Another update so it would seem the monies are the service charge monies, they have apparently overbudgeted so that is the reason for late delay in returning monies? However the Lease does state that

    10. To set aside such sums of money as the Lessors shall reasonably require...
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  • Stacker
    replied to Called EGM
    Just thinking about this situation in more detail and out loud, so the directors have paid nothing towards the repair and maintenance of the building, not even inspected it, taken their alleged savings pot out and sold the flat at an increased market price, leaving the new leaseholder and me with no...
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  • Stacker
    replied to Called EGM
    I have been speaking to the Director of the Management Company, he said it was unusual to do this however said he had to follow their instructions. I have been told my monies are on the way by cheque now on basis its a refund/overbudget? I cant get information out of these people never have been able...
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  • Stacker
    replied to Called EGM
    Can I rewind this conversation back a bit to give us all some context which hopefully will help us to understand the issues.

    There were two directors who appointed a managing agent. The managing agent made the decision to stop managing the property. The managing agent was collecting and...
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  • Stacker
    replied to Called EGM
    leaseholder64,

    The Lease requires certain percentages to be paid by the leaseholders, the directors have applied this including company costs. There is a requirement to pay service charges and pay towards a sinking fund. It now looks like the directors never collected any sinking fund monies...
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  • Stacker
    replied to Called EGM
    For the sinking fund the Lease states....To set aside(which setting aside shall for the purposes of the Sixth schedule be deemed an item of expenditure incurred by the Lessor) such sums of money as the Lessors shall reasonably require to meet such future costs of the Lessor shall reasonably require...
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  • Stacker
    replied to Called EGM
    So how do I tell the other director that this is a breach of trust? She will deny it....
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  • Stacker
    replied to Called EGM
    Sorry , do you mean breach of trust to the company leaseholder 64?
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  • Stacker
    replied to Called EGM
    From what the management agent said, he said it was monies left in the account, the managing agent said he could only take their instructions.
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  • Stacker
    replied to Called EGM
    eagle2,

    I have no idea what the complex formula means, how and what was applied? The director who sold their property recently was renting her property out, my guess is the monies have been taken out under the radar of paying any sort of tax? Could this be possible? Do I now try to get...
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  • In the RICS guide it states somewhere that the budgets need to reflect what is payable in the Lease? So are the items payable or not payable. Does the Lease require you to pay these items? If you are not contractually obligated to pay then write to them stating this then if getting nowhere file claim...
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  • The Company is a legal entity..I am assuming you have a limited company structure in place?
    In order for the Company to be represented you have to have at least one director...also what do the articles say about holding meetings as a quorum of two may be required to vote etc... Depends again...
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  • Stacker
    replied to Called EGM
    So today I called the management company and they stated that the two directors had between them come up with their words not mine "some complex formula to pay themselves the service charge monies and mine is on its way...the management company said they followed the directors instructions however...
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  • Stacker
    replied to Called EGM
    The director loaned money to the company to fund her own solicitor to get advice but would not declare where rhe money came from....
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  • Stacker
    replied to Called EGM
    Thank you for your help, it is appreciated....
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  • Stacker
    replied to Called EGM
    Lease states if for any Accounting Period the service charge shall have provide to be
    Too great then the surplus so paid shall be carried forward by the Lessor and credited to the account of the lessees in computing the Service charge in succeeding accounting periods or in the Lessors discretion...
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  • Stacker
    replied to Called EGM
    Lease states if for any Accounting Period the service charge shall have provide to be
    Too great then the surplus so paid shall be carried forward by the Lessor and credited to the account of the lessees in computing the Service charge in succeeding accounting periods or in the Lessors discretion...
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  • Stacker
    replied to Sinking funds money gone!
    I will do, I will also check lease again, I have sent an email to the previous MA but they wont be there now until Tuesday and then take it from there, I shall ask the company secretary and I will also ask the directors and send a letter to the correspondence address as well to make sure my query is...
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  • Stacker
    replied to Called EGM
    Thank you again, I think I need to check the Lease as the Lease could say they can refund service charges somehow? I thought the sinking fund monies could not be refunded even if a leaseholder has sold their flat? Does anyone know if this can be done?...
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  • Stacker
    replied to Called EGM
    One director did this, she wont say where the director loan has come from?...
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