Mr Savic applied to the FTT to formerly appoint a manager and receiver who would be able to collect the service chargers from the flat owners at the Timber Yard, and arrange for the building to be insured and properly maintained and repaired. The manager who Mr Savic proposed the FTT appoint was an experienced property professional, and a director of a property management company, which had its own professional indemnity insurance, terms and conditions. The proposed manager had experience of managing buildings similar to The Timber Yard and the necessary professional qualifications to appeal to the FTT.
Happily for the leaseholders, the FTT accepted the proposed manager and appointed him as manager and receiver of The Timber Yard for a period of two years, settling his fees for the two years, enabling the leaseholders to budget for likely outgoings.
On the contrary, the freehold will pass to the Crown which will have no obligation to insure or maintain your building. However, if you take good legal advice, and find an experienced manager to take on the job, this proves that everything can work out for the best. When managers and receivers are appointed by the FTT leaseholders can sleep soundly at night on the knowing that the building in which their flat is located can be properly insured and maintained.
Home Contact Us. My Account Login Register Search. Information, products and services for flat owners and residents' management companies. Home » Lease » About your lease » What happens if your Landlord goes bust!!! How to handle nieghbour disputes. If the landlord is a company at risk of insolvency, however, or an individual nearing bankruptcy, then it is not safe for leaseholders to assume that these obligations will be met or that the freehold interest will necessarily pass to them.
Leaseholders need to be aware of what they must do in such a situation in order to acquire the freehold interest from the landlord. In the case of an insolvent company as the landlord, it may enter into administration or receivership.
Both of these representatives are legally bound under the Leasehold Reform, Housing and Urban Development Act to respond to the notice as the landlord, and should serve a counter-notice in order for the sale of the freehold to proceed. Until dissolution, however, the company maintains its role as the landlord.
The liquidator may then choose to either sell the freehold or to disclaim it. Our services: We are able to advise on the premium you are likely to have to pay for the extension of a lease of a flat; or price for participating in a block enfranchisement, or enfranchising a house, in all cases where you are the leaseholder or purchaser.
We are able to advise on the process that should be followed where the freeholder is in Administration; or where the company owning the freehold has been liquidated.
We are also able to provide further information in relation to situations where the freeholder is in Liquidation or Administration. Tel: Fax: info channermorgan. Freeholder in Administration. Can tenants or purchasers still extend leases or enfranchise?
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