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Freehold enfranchisement and management


DominicG

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Hi All, 

 

Looking for some help on the freehold enfranchisement process specifically related to the management set up. 

 

Shortly a building with 4 flats (converted) will be taking the freehold enfranchisement route. All 4 landlords are happy to be involved. Nice and easy so far. 

 

As part of this we will need to set up a Ltd company to own the freehold and manage the building. This is where I have some questions. 

1. The company will have 4 directors - does this in anyway link these people together outside of the company. 

2. I understand after year 1 you can ask companies House to register it as dormant as its a freehold management company, however if there is money coming in and going out (not for profit) to manage the company (gardening, communal lights, savings for roof etc) does this matter? Will tax returns be needed still? 

3. A bank account will need to be set up to manage this building per the above. What is the best way to set this up? 4 directors on one account seems messy and will surely link everyone together financially, but a single person may be perceived as risky for the others. 

 

Any advice here would be greatly recieved. 

 

Thanks

 

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