Did You Know?
In order to assist potential clients to know what they are entitled to do as a leaseholder, we have listed some handy, bite-sized tips for you below:-
- As a leaseholder of a development with a management company, you usually have an equal share in the company for your block. This entitles you to vote on all issues that concern you at an Annual General Meeting (AGM). Make your voice heard and attend your development’s AGM where possible. This could be invaluable to ensure the maintenance of your asset.
- An AGM is an essential part of a block with a management company. Whilst companies no longer have to hold an AGM, any decision to drop this requirement must be ratified at an AGM. If you want to make sure your Directors and chosen managing agent are accountable, insist upon an AGM every year and attend it.
- As a leaseholder of a development with a management company, you are usually entitled to offer your services as a Director. Typically, you would represent the needs of your company, usually alongside at least one other Director. Regular rotation of the position is recommended to ensure transparency and accountability are observed.
- As a Director, your responsibilities can usually be as demanding or as limited as you choose. However, a good managing agent, chosen by you, can often take the role of company secretary and ensure that your busy schedule elsewhere is not disrupted. You may simply choose to attend AGMs and sign relevant company paperwork, such as annual accounts. Equally, you may choose to be more ‘hands on’ and attend regular site visits with your agent.
- As with any other business you, as a shareholder, have every right to ensure that your Directors, and the managing agents they choose to represent you, are acting in your best interests. Remember, your vote counts and it is your responsibility to make sure you use it.
- If your development does not have a management company, you often have the right to set one up, installing Directors of your choices, and exercising your Right To Manage. Learn more on our Right To Manage page.
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