Recently enfranchised blocks are likely to face a number of issues, such as:
• The need to extend the leases of those participating in the collective enfranchisement to 999 years
• Considering whether to sell parts of the property (eg currently unused lofts) to free up capital
• Arranging sale of shares in the Freehold Company to flats that did not originally participate in the freehold purchase – to realise asset value for your freehold company
• Deciding how any proceeds raised from such sales of shares are to be distributed
• Reviewing current contracts that you have with service providers, including, for example, the cleaners of any shared facilities like lobbies, corridors and stairs
• Choosing a new managing agent – which can itself be quite an intimidating task for those not used to it
• Getting to grips with new aspects of property management such as required fire risk assement
The amount of legislation affecting residential property management is growing quickly. A good point of reference is ARMA – The Association of Residential Managing Agents. Their web address is http://www.arma.org.uk. Their website has lots of useful information about Residential Managing Agents as well as a list of their members.
In addition, when considering appointing a managing agent, you might want to check if they are members on the RICS (The Royal Institute of Chartered Surveyors) website at http://www.rics.org
In Need Of Collective Enfranchisement Legal Advice?
Wherever you block is in England and Wales, we can help.
So for a FREE initial telephone advice on your Lease Enfranchisement, and a FREE enfranchisement quote
• Call our enfranchisement and lease extension Solicitors on (01722) 422300 or
• Fill in the enquiry form below
Comments or questions are welcome.