Currently, a property asset management company are charging all residents (from 11 properties) an extortionate amount to maintain common land , a playground and a private sewage pump. Looking at the breakdown of costs, and knowing what thay have done so far in the last year, it feels like this would be easier to manage ourselves amongst the residents. Is there anywhere (book or internet) I can go for advice on how to move this way of managing things?How do I set up and run a management company for shared land on the new housing development where I live?
You will need legal advice to close the present agreement.
If you can do this, it is relativily simple to form a new management company.
You will have to register the company and have elected representatives.
You will have to agree what is and what is not to be covered by the agreement.
You will have to agree a method of annual tendering to ensure that you can show fair value for money in all of your transactions.
You will have to keep accurate financial records.How do I set up and run a management company for shared land on the new housing development where I live?
You would need to set up a company limited bby gaurantee of which all the owners of the properties concerned would be members. They would elect a Board of Directors to manage things from among the members. The Board would draw up a budget and set an annual fee for the owners to cover all the costs.
However - how are you going to get rid of the exisiting management company? Have you all signed up to keep them for a certain length of time? I don't think it's going to be as easy as just telling them that the owners are taking over!How do I set up and run a management company for shared land on the new housing development where I live?
Your first port of call would be to examine how much it would cost you to buy the present management company out. It's a part of their business and they aren't going to let it go for peanuts . . .
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