News:
The long planned Major Works are due to commence next week, with scaffolding going up on Tuesday 4th November.
Please do not park at the front of the property of Tuesday 4th November so that the contractors have ample room for this set up.
This is the website for the company 35/37 Hamilton Road (2002) Limited. The information below covers the workings of the company, the management of the properties, who's who, and a tiny bit of the history to explain why things are the way they are.
The two houses and land that comprise 35 and 35 Hamilton Road were converted into a single development of 12 apartments in 1994 by a company called Filanco Homes. You will see that name on your lease and Land Register documents. They created leases on the 12 flats for a period of 125 years.
Filanco wasn’t particularly interested in managing the property so in 2001, a number of leaseholders, who at that time largely lived in their flats, got together to acquire the freehold. Eight out of the 12 leaseholders participated in that purchase and the following year constituted the management company to own the freehold: 35/37 Hamilton Road (2002) Limited. It is a limited company that traditionally has existed solely to run the property and does not distribute profits.
The 12 leases form the legal contract between leaseholders and the freeholder. There is only one freeholder - the company. So although eight of the flats have shares in the company, all 12 leaseholders are bound by the terms of their leases. Equally, the company is obliged to keep to its side of the bargain and deliver the services outlined in the lease.
In order that both parties can do that, it is vital to ensure all flat-owners (leaseholders) comply with their obligations to maintain their properties as outlined the lease and to pay their invoices when they become due. Having the flats in a safe and attractive condition is of obvious importance to the safety, well-being, and quality of life of all those who live in the flats. It is also extremely important for maintaining the value of the flats.
All leaseholders are entitled to buy a share in the company, and in 2022 a survey was commissioned by the company at the request of three of the four non-participants to determine an independent valuation of the development, which was around £95,000 for the land (the company would be slightly more). The option to buy shares was not taken up, but is always an option. If every leaseholder also held a share of the freehold company, we would have the ability to extend leases, for example. Those who have bought shares in the company are sometimes referred to as "freeholders"; but this is slightly misleading - strictly-speaking, the freeholder is the company and they are shareholders in it.
Shareholders are eligible to have one director on the board or to nominate someone to take their place, and all directors serve in a voluntary capacity, contributing a variety of different skills. The board oversees key decisions, in line with both the company’s articles of association and the leases. The directors have a legal duty to act in the best interests of all shareholders, and to ensure the property complies with all legislation. It sets the annual service charge and decides when major works are to be undertaken. But neither the company nor the directors manage the property on a day-to-day basis.
In 2023, the company appointed a managing agent, Taylor Chartered Surveyors. The agent raises invoices for the service charge, ground rent and other items such as major works. It reports to the board of directors and is contracted to be the bridge between leaseholders and the company. It also has responsibility for ensuring leaseholders adhere to the terms of their leases, and that the company fulfils its obligations to leaseholders.
TCS is responsible for addressing the fabric, maintenance, safety, and other issues related to the day-to-day upkeep of the property.
Leaseholders can contact TCS about issues arising with their properties. They are there to help.