[BNM] [OT] Freehold purchased... lease/ltd. company needed?

[Tom Dussek (Hotmail)]

Chris,

I've just returned from a meeting with my solicitor, and have been 
reminded of the importance of getting this sort of thing exactly right - 
do not rely of any information that contains the words "I think" or 
"probably" :)

Speak to Aldo at Gade Insurance - 01442 251001. He should be able to 
tell you exactly what you need. If you do need one, I'd highly recommend 
Alex Sherwood, Sherwood's solicitors - 01273 608221.

Tom Dussek


Chris Billett wrote:
> Thanks for the tips - if anyone does have a number of someone I can  
> ring for advice on this it'd be great. Anyone who isn't our solicitors  
> who took six months getting this purchase through, that is!
> 
> Cheers,
> CB
> 
> On 21 Aug 2008, at 16:42, Jonathan Hirsch wrote:
> 
>> Hi Chris,
>>
>> You probably need to form a management company for the property
>> (assuming one doesn't already exist - whoever you bought the freehold
>> from should know), with you and the other freeholder owning one share
>> each and agreeing to each pay an annual maintenance charge, which
>> goes to cover communal stuff like insurance and a sinking fund for
>> roof repairs etc. When one of you sells up, their share is
>> transferred to the buyer. One or both of you would need to be a
>> director, and you'd need a company secretary - usually you'd appoint
>> a managing agent to take care of everything, but as there's only two
>> households, that might be overkill... I'm not really up to speed on
>> how you set up a management company, or whether you legally have to
>> have one for only two flats, but a standard Ltd Co can be set up for
>> about £50 to £100 - pretty much any accountant should be able to sort
>> that for you. NB you *may* (I'm not sure - probably depends on the
>> specifics of the property) also need public liability insurance (for
>> when postie falls down any communal steps etc.). Chances are your
>> individual home policies won't cover that (or at least, each
>> insurance company would try to pass responsibility onto the other...).
>>
>> Probably worth speaking to a few managing agents - they should be
>> able to give much better advice than I can! I don't know who's who
>> round here, although if anyone on the list can recommend a good one,
>> I'd be interested as we (the management company where I live) have
>> been talking about getting a new one for ages (our current one isn't
>> local, which isn't ideal).
>>
>> HTH,
>>
>> Jon
>>
>>
>> On 21 Aug 2008, at 16:11, Chris Billett wrote:
>>
>>> Might BNM Brain, I have a question:
>>>
>>> Myself and the guy upstairs (he bangs on the floor occasionally and
>>> yells for his breakfast, n' something about a trap door?) have just
>>> purchased the freehold on our flats. It's a house, split into two
>>> flats, and we've got a fifty-schfifty split. We want to get  
>>> structural
>>> insurance in place before I inevitably burn the place to the ground
>>> trying to re-heat Thai after a night in the Bee's Mouth, but  
>>> everyone'
>>> being difficult as we need to form a limited company or something -
>>> has anyone been through this process? Do I need a solicitor? I'm  
>>> not a
>>> fan of them. I'd rather get this done in a matter of hours than  
>>> weeks,
>>> too. Are the insurance companies who will make this easier or am I
>>> being a naive fool.
>>>
>>> Well, ta in advance for any tips. I'm sure someone's been there/done
>>> that.
>>>
>>> CB
>>>
>> -- 
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