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Company Formation Home Page >> UK LTD Registration System >> Property Management Company RegistrationUK FLAT MANAGEMENT COMPANY INCORPORATION SERVICE. PROPERTY MANAGEMENT COMPANY FORMATION IN THE UNITED KINGDOM A property management company set up under the Companies Act to operate for the benefit of residents or tenants rather than being run as a business for profit is generally known as a "flat management" or "property management" company. Many types of multi-occupancy development, but particularly residential ones, need such a company and they account for a large number of the companies on the register at Companies House. A flat management company usually has special Memorandum and Articles of Association drawn up to allow it to own, manage and administer a freehold property, which is normally divided into several dwelling units or flats, with each leaseholder owning a share in the company. The leaseholder is normally obliged to transfer ownership of the share to a new leaseholder if the property is disposed. In cases where there are several tenants flat management companies are sometimes formed to manage and protect the interest of the persons holding leases. This type of vehicle can take the shape of a company with limited liability company status or as a company limited by guarantee. We have a wealth of experience in both forming and structuring flat management companies and can advise you on whether this type of vehicle is suitable for your needs.
 Finding and Using Information: Flat Management Company Formation | How Does a Flat Management Company Work? | Why Have a Flat Management Company in England? | Incorporate Property Management Company Offshore | The Constitution of a Flat Management Company | The Characteristics of a Property Management Company |
If you want to become familiar with the description and the contents of the British property management companies formation packages, offered by Coddan CPM LTD and to find above, what kind of service is included in this or that UK property management companies incorporation package, to get an idea about the price of annual renewal of the service, and about the general legal requirements to the flat management company registration within Great Britain, please, select the package you need from the list, situated below the banner. The information in the banner will be renewed according to the package you've chosen.
Flat Management Company Formation:
All of our Memorandum and Articles of Associations and Partnership Agreements were reviewed and approved by a volunteer U.K. lawyer. Coddan can form your Flat Management Company within 6-8 working hours. If you have any questions about the flat management company incorporation then please E-Mail or call us: Call FREE 0800 081 1510, Overseas Residents: +44 845 020 4269 or +44 20 7748 3039, Fax: +44 20 7681 3318.
The basic document package we provide will not differ significantly from that available at a major corporate law office. We have many Ready-Made companies (off-the-shelf), which are ready to trade, and can be transferred to you within hours. Click here for our UK Flat Management Company Registration costs and full details of our packages for property management companies or call us for free no obligation advice.
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Form a flat management company online in minutes at lawyer-free prices. Coddan was developed by expert attorneys with experience at the most prestigious law firms in the country. We've helped over 50,000 satisfied customers, and our know-how allows us to prepare legal documents quickly and efficiently. Our documents contain advanced provisions that are not found in simple "do-it-yourself" kits or manuals. Coddan lets you take care of common legal procedures without ever leaving your home or office. We're open 24 hours a day, 7 days a week. Our research area contains plenty of helpful guidance. Simply answer an easy-to-understand questionnaire, and Coddan CPM LTD takes care of the rest - no need to download, no need to print. You will receive the completed legal documents printed on quality acid-free paper.
You may use this form to incorporate a new company » E-Quick Flat Company Incorporation Package - £100.00 |
A comprehensive and bespoke service for company formations including private companies, public companies, companies limited by guarantee, property management companies, charitable companies and LLPs. The standard service will include:
Advice on the availability of the proposed company name
Formation of a company
Holding the company's first board meeting
Providing the statutory books (written up)
Issuing share certificates
Filing the appropriate documents at Companies House
Providing you with a statement showing the principal details of your company
Please note » The prices payable for the items that you order are clearly set out in the web site. There will be no contract of any kind between you and us unless and until we receive payment from you. We act as your agent in the incorporation of companies and electronic filing of Companies House forms. We are not able to guarantee that any such filing will be acceptable to Companies House, nor are there any contractual obligation upon us to do so. If Companies House rejects incorporation or other electronic filing, we will credit your account with a full refund and the contract between us will be made void. Companies House does not offer a cancellation facility for the incorporation of companies or the electronic filing of documents. We will be unable to cancel any such submission on your behalf and will not refund any payment you have made.
All prices shown at Coddan CPM LTD Web Site are in Great British pounds. Credit cards are the preferred method of payment; we accept VISA, MasterCard and Delta. We can accept payment in UK Pounds Sterling, US Dollars, Euros, Australian Dollars and Canadian Dollars. If you do not feel comfortable transmitting your credit card number and other information on the Internet, we suggest you place an order online, choose "Credit Card via Phone" as the payment method, and then phone in to give us your credit card number over the phone. We'll charge your credit card manually. Pre-payment with cashier's check or money order is accepted. We accept wire-transfer from anywhere. After you place your order, details about the wire-transfer process will be e-mailed to you on the second e-mail notification. If you missed that e-mail, please call our toll-free number that's given on the order confirmation.
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Dear visitors, while having a chat session with a customer, we are frequently requested to give a piece of advice on tax planning or business structuring. We would like to inform you that it is against our principles to provide online advice pertaining to these issues. The points that may be covered during a session include service description, package or service price, navigation at our website, ways of making an order, methods of payment etc. Yet, if you wish us to provide you with advice on tax or business structuring, you should be aware that this service is chargeable. If you have any questions please E-Mail or call us: Call FREE 0800 081 1510, Overseas Residents: +44 845 020 4269 or +44 20 7748 3039, Fax: +44 20 7681 3318.
INCORPORATE A BRITISH FLAT MANAGEMENT COMPANY. HOW DOES A FLAT MANAGEMENT COMPANY WORK? In law, a limited company is seen as an 'individual' in its own right. This means it can own property (such as a freehold or leasehold) and enter into contracts in its own name. It exists independently and separately from the people involved. As the name suggests, many are connected to blocks of flats where an arrangement needs to be made to deal with the running, maintenance and repair of the common parts of the building. The leaseholders of the flats are the members of the company, some will be appointed to act as directors and one will usually be the company secretary. They may appoint a managing agent to carry out the day-to-day work, or one may be specified in the leases with the freeholder.
The freeholder of the land on which the flats stand may be held by a third party, or it may be held by the management company (so that the leaseholders have the ultimate benefit of the freehold). The simplest form of flat management company is a dormant one which holds the freehold of the land for the members of the company, who are leaseholders of the flats built on that land.
This type of company can also provide a structure for the management of the common parts of private freehold estates of houses, which may include roads, communal gardens, security and other facilities. A corporate body is needed to hold land, unless there are four or fewer lessees concerned, in which case the freehold of the land could be held jointly in the lessees' own names. However, if the freehold is held directly by the lessees jointly, then each time a flat changes hands, apart from the transfer of the lease on the flat, there would need to be a transfer of the freehold into the new set of names in the Land Registry. Getting all the necessary signatures and consents would take time and add to costs. The use of a flat management to hold the freehold avoids the problem.
A flat management company may be incorporated under the Companies Acts, either as a limited company with shares, or a company limited by guarantee. Either of these forms of incorporation provides limited liability for its members, subject to the usual caveats in the insolvency legislation about trading properly. Each also provides a corporate vehicle that can hold the freehold (or head lease) which underlies the various occupiers' leases. It can also collect maintenance charges and any ground rents, hold a sinking fund for major repairs, arrange cleaning, decoration, security, insurance, a warden's salary for sheltered schemes and janitorial or concierge services where appropriate.
The company limited by shares was designed for profit-making enterprises, but with properly drafted articles also works well for flat management companies. When the related property interest changes hands, the leaseholders' share also has to be transferred by a stamped stock transfer form (often for a token payment with minimum (5.00) stamp duty paid) and the change recorded in the register of members. Coddan's articles provide a special procedure to facilitate the transfer of the relevant share if a lease has changed hands but the transfer of the share was overlooked.
The company limited by guarantee was intended to provide a form of incorporation with limited liability suitable for a group of members with a mutual interest of a not-for-profit nature. The main advantage of using a guarantee company rather than a company limited by shares is that no stamped transfer is needed on changes of members (on sale of the related lease). The articles can simply provide for the membership of the outgoing lessee to terminate automatically when they cease to hold the lease, without the need for any document to be signed by that member giving up their membership. The new owner of the lease can then be admitted to membership in place of the outgoing member.
WHY HAVE A FLAT MANAGEMENT COMPANY IN ENGLAND? Flat Management companies are companies used to manage the whole of or parts of a site or building on behalf of its owners. When there are multiple tenants, Flat Management companies are normally used to protect the interests of the leaseholders. In shared properties there are often a number of areas that are common and used by all flat/unit residents. For example, communal halls, access areas and gardens. By having a Flat Management Company you can establish a system for collecting pooled funds in order to maintain and repair any common areas. If the company will not own the freehold for the entire property then it may not be appropriate to have a Flat Management Company. A residents association may be more suitable.
Many tenants and owners of properties in the UK make contributions to management companies and various service charge funds or sinking funds. These funds pay for a variety of services and sometimes accumulate money for future repairs. Typically, residents of a block of flats will all pay a set amount each year into a fund. That fund will either pay for joint day to day running costs of the block, such as cleaners and minor repairs, or funds will be put aside to pay for future major expenditure such as a roof repair. Some funds may do both within one fund. The charges may typically be paid to a management company, which could manage just that block of flats or any number of blocks. Sometimes residents of a block will set up their own management company, residents' association or trust to receive the funds and carry out the work. Sometimes the landlord/freeholder holds the funds and organises the work.
INCORPORATE A FLAT MANAGEMENT COMPANY OUTSIDE OF UK. PROPERTY MANAGEMENT COMPANIES IN USA AND OFFSHORE | 
| General Advantages Of Limited Liability Companies:
1. Liability is, in the vast majority of cases, strictly limited to the investments made by the shareholders.
2. Company Officers are not personally liable for their actions unless, in most instances, there is a clear and serious breach of their fiduciary duty.
3. Ironically, despite the limited liability, such entities often benefit from 'greater prestige' than their sole proprietorship or partnership counterparts. The reason is probably because such an enterprise normally requires more planning and thus is deemed more credible.
4. They often benefit from significant tax advantages. In fact, many countries around the world give exclusive tax incentives to this type of entity.
5. The rights of shareholders are normally clearly defined and protected. Promotes good record keeping.
6. Corporate taxes only become payable after the end of the financial year. This means that money that would otherwise be taxed on a monthly or quarterly basis is available to earn further money before the final payment of tax.
7. You must appoint a minimum of 1 Director.
8. Directors can be corporate bodies or private individuals.
9. A Director can be of any nationality.
10. All companies must appoint a company Secretary. A Secretary can be of any nationality.
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You may incorporate your property management company offshore with us online! It can be advantageous to buy property through an offshore company. A foreign domiciled person buying property in the United Kingdom should do so through an offshore company for inheritance and capital gains tax protection.
The ownership of overseas real estate and land by an offshore company can often create many tax advantages. Additionally, using a trust or a Panama Private Foundation to own the shares in the offshore company can give rise to additional tax advantages in the client’s country of residence and simplifies procedures in the event of the client's death.
The main benefits are: Avoidance in most cases of local inheritance taxes on the property in the event of death of the beneficial owner. Avoidance in most cases of local succession laws which can, in certain countries, stipulate to whom the property must pass. Elimination in most cases of local transfer and capital gains taxes upon resale of the property. Simplification of procedure upon resale of the property through the sale of the real estate holding company to the buyer saving both time and costs. Exclusion of foreign exchange controls restrictions, in certain countries, in the event of the beneficial owner taking up residence in the property. Ease of transfer to heirs in the event of the beneficial owner's death. Confidentiality of ownership.
After advising on and establishing the structure appropriate to each client's requirements, the Coddan provides all necessary services to ensure that each offshore company is professionally maintained. These include the provision of directors, secretary, registered office and nominee shareholders, the holding of statutory meetings and the filing of statutory returns.
Coddan recognises its responsibilities for managed companies, and ensures that, when required, information is speedily communicated to clients; legal representation is readily available; and all audit requirements are met.
You may use this form to incorporate a new flat management company in tax-havens » Offshore Flat Company Incorporation Package - £325.00 |
Want to incorporate a flat management company in Delaware, Florida, New York, Nevada or elsewhere? Coddan provides incorporation and LLC formation services throughout the US. We provide everything you need to know about the advantages of Delaware, Nevada, Florida or New York Corporations and LLCs, including an online checklist to walk you through the incorporating process step by step; Big resource section filled with sample corporate and LLC resolutions, forms, and links; Also lots of tips on how to ensure the success of your new corporation or LLC.
The LLC is the preferred entity to own real estate, equipment, boats and airplanes. Many creative estate planning strategies have been developed to utilize Nevada corporations. Estate plans where trusts have traditionally been used can often be restructured more effectively using Nevada corporations. Nevada corporations are generally more flexible and creative when passing estates to heirs than trusts are, while providing similar benefits such as avoiding probate, and potentially eliminating all estate taxes.
You may use this form to incorporate a new flat management company in U.S.A. » U.S.A. Flat Company Incorporation Package - £174.00 |
THE CONSTITUTION OF A FLAT MANAGEMENT COMPANY: A Flat Management Company has its Memorandum and Articles of Association specially drawn up to allow the company to own, manage and administer the property, which is normally divided into several dwellings, units or flats. When a property is divided into a number of flats, each flat owner has a lease of their own flat but they may also hold shares in a management company that owns the freehold (or lease) of the entire building.
TRANSFER OF SHARES - CHANGE OF OWNERSHIP: As shareholders, the flat owners have their say in running the limited company. Normally, the company's constitution will say that shareholders who sell their flats must also transfer their shares to the new owners. This ensures that - at any given time - the limited company represents the interests of all the current flat owners. However, it remains a separate legal entity regardless of who holds its shares from time to time.
UK FLAT MANAGEMENT COMPANIES - SERVICE CHARGE FUNDS & SINKING FUNDS: BACKGROUND Many tenants and owners of properties in the UK make contributions to management companies and various service charge funds or sinking funds. These funds pay for a variety of services and sometimes accumulate money for future repairs. Typically, residents of a block of flats will all pay a set amount each year into a fund. That fund will either pay for joint day to day running costs of the block, such as cleaners and minor repairs, or funds will be put aside to pay for future major expenditure such as a roof repair. Some funds may do both within one fund. The charges may typically be paid to a management company, which could manage just that block of flats or any number of blocks. Sometimes residents of a block will set up their own management company, residents' association or trust to receive the funds and carry out the work. Sometimes the landlord/freeholder holds the funds and organises the work.
PROPERTY MANAGEMENT COMPANIES - FUNDS CREATED: Typically there are two main types of fund to which Section 42 LTA 1987 applies. Sinking Funds involve the long term setting aside of funds for major repairs and renewals. Over a period, the fund can grow to a significant size and generate substantial investment income. Service Charge Funds are funds where the intention is to cover only the routine day-to-day costs of maintaining the communal areas and paying for minor repairs and decorations.
The service charges are reviewed annually and set at a level to balance the actual expenditure and leave a 'no surplus - no deficit' situation at the end of each year. In practise there may be a small amount held in reserve or carried over from the previous year. The trust will not accumulate any surplus charges or create any sort of contingency or sinking fund. Any investment income is derived only from the short- term deposit of temporarily surplus funds. Some trusts will act both as a sinking fund and as a service charge fund, although usually the trustees would keep the two funds separate.
There are a number of different situations in which sinking funds or service charge funds may be created. Not all of these will necessarily fall within the scope of Section 42 LTA 1987.
FLAT MANAGEMENT COMPANIES - TENANTS OF RENTED PROPERTY: Under the terms of a rental contract either the tenant or the landlord will be responsible for repairing the property. If the landlord includes in the rent payable some figure to cover his repairing obligations the fact that the payment by the tenant will be part of his rent will not preclude the operation of Section 42 LTA 1987. However, in order to fall within the definition of 'service charge' the amount must be variable according to the costs or estimated costs of repairs etc. So if the lease simply states that part of the rents payable will be used for servicing, repairs and maintenance etc. for which the landlord is then responsible then the matter is outside Section 42 LTA 1987 because the payments by the tenants do not amount to a 'service charge' as defined in Section 18 LTA 1985. The whole of the rent will be Schedule A income of the landlord.
FLAT MANAGEMENT COMPANIES - LEASEHOLDER OWNERS OF PROPERTY: Under the terms of the lease the leaseholder may have to pay into a service charge fund or sinking fund. The funds may be paid to an individual, a company, a trust or an unincorporated association. As the owner owns the property under a lease, the LTA 1987 will apply. If the lease specifies contributions are to be made to a service charge fund or sinking fund then an accumulation trust exists whether the funds are paid to an individual, a company, a trust or an unincorporated association. The body holding the funds may not consider themselves to be trustees, for example a company. However if Section 42 LTA 1987 applies then the company will be holding the funds as a trustee.
If the lease stipulates that tenants must pay a service charge for particular services to a service company which is not the landlord, connected with the landlord or stipulated by the landlord, this too is within Section 42 LTA 1987. In that Section 'the payee' is defined as 'the landlord or other person to whom any such charges are payable by those tenants under the terms of their leases'. If the lease states that the tenants should arrange for services, repairs and maintenance etc. themselves but does not specify how this should be done, any arrangement made by the tenants with a service company is outside the scope of Section 42 LTA 1987. The costs in respect of service charges are not made either to the landlord or to another person to whom such charges are payable under the terms of the lease.
Finally where there is no provision in the lease for the tenants to pay into a service charge fund, but nevertheless they decide to create one, then such an arrangement is not within Section 42 LTA 1987 as the tenants are not 'required under the terms of their leases to contribute to the same costs by the payment of service charges'.
BRITISH MANAGEMENT COMPANIES - FREEHOLD OWNERS OF PROPERTY: Under the terms of sale of a freehold property (a covenant of some sort) the freeholders may have to pay into a service charge fund or sinking fund. The funds may be paid to an individual, a company, a trust or an unincorporated association. Such an arrangement does not come within Section 42 LTA 1987 as it is not under the terms of a lease. Alternatively there may be no provision to create a service charge fund or sinking fund but the freeholders together decide to form one. They may decide to pay those contributions to an individual, a company, a trust or an unincorporated association. Again this is a private arrangement not governed by Section 42 LTA 1987 and the tax treatment depends on what the freeholders decide is going to hold the funds.
FLAT MANAGEMENT COMPANIES - REGISTERED SOCIAL LANDLORDS & OTHER 'EXEMPT LANDLORDS': Registered Social Landlords (RSLs) are, in England and Wales, independent, private sector, non-profit making bodies whose main purpose is to provide decent quality, affordable housing for people on low incomes. About three-quarters of them are charities. Section 42 LTA 1987 does not apply to tenants of 'exempt landlords' (Section 42(1) LTA 1987). In accordance with Section 58(1)(g) LTA 1987 a RSL is an exempt landlord. There are other exempt landlords defined in Section 58(1)&(1A) LTA 1987 such as district councils and certain development corporations. See TSEM5745 where Section 58(1)&(1A) LTA 1987 is reproduced.
Whilst Section 42 LTA 1987 does not apply to RSLs and other exempt landlords, as explained below, the terms under which sinking funds and/or service charge funds are held by exempt landlords may still create a trust. Thus, in summary, reference must be made to the terms of the lease to determine the application of Section 42 LTA 1987. A statutory trust will arise where the tenants of two or more dwellings are required under the terms of their leases to contribute to the payment of variable service charges to the landlord or other persons to whom such charges are payable under the terms of the leases. However, Section 42 LTA 1987 does not apply where the landlord is an 'exempt landlord'.
FLAT MANAGEMENT COMPANIES - FUNDS NOT WITHIN S42 LTA 1987: Where a fund exists but it is not within Section 42 LTA 1987, for example where freehold owners of property decide to create a sinking fund, or because the landlord is an RSL or other 'exempt landlord', then the treatment of that fund will depend on what structure is used. An individual holds the funds. The individual could be an employee, trading as a maintenance contractor or could hold funds as trustee for the freeholders. If the latter then the sort of trust depends on the terms of the trust, not on Section 42 LTA 1987.
A company holds the funds. Assuming the company was formed to hold funds for the freeholders who created it, then it could hold the funds as trustee. Alternatively it could trade as a flat management company receiving payments under a contractual arrangement to supply services and pay corporation tax. The status of the fund will depend on the terms under which the payments are made and the terms under which the company holds the funds.
A trust holds the funds. It could be any sort of trust depending on the terms of the deed but it would not be within Section 42 LTA 1987. An unincorporated association holds the funds. This could, for example. be a residents' association. It would be liable to corporation tax unless it was acting as a trustee. Again any trust would not be within Section 42 LTA 1987. Any funds that the trustees held would be subject to the normal trust rules. It is possible for the funds to be held under a bare trust, interest in possession trust, discretionary trust or accumulation trust arrangement. The exact status will depend on the terms and nature of the trust agreement.
FLAT MANAGEMENT COMPANIES - INVESTMENT INCOME PREVIOUSLY CHARGED TO CORPORATION TAX: In the past some flat management companies have been permitted to make returns in respect of investment income, arising on service charge funds and sinking funds, as part of their corporation tax returns (see PIM1070). That is no longer appropriate where trustees are holding funds as trustees under Section 42 LTA 1987. Likewise where Section 42 LTA 1987 does not apply but the terms under which the funds are held creates a trust.
Rents receivable by flat management companies (such as ground rents - other than peppercorn rents) are outside the scope of Section 42 LTA 1987 and remain chargeable under Schedule A. Tax Bulletin Issue 37 (October 1998) explained the approach the Inland Revenue will take for all flat management companies as from 1 April 1998. However, because of the need to issue further guidance in Tax Bulletin Issue 48 (August 2000), no action will ordinarily be taken to disturb any year or Accounting Period for which a Corporation Tax return has already been made and accepted. Where a trust return has not previously been made by a flat management company, or a trustee, of investment income arising from a fund within Section 42 LTA 1987 (or from funds otherwise specifically held on trust), the trustees will have the normal obligation to notify chargeability.
FLAT MANAGEMENT COMPANIES - NOTIFICATION FROM COMPANY'S TAX OFFICE: Where you receive a notification from a tax office dealing with the company's corporation tax, that a flat management company trust has been identified, you should set up a new record, and issue any trust SA returns, which are required. The company tax office will advise you as to the date from which trust liability first arises, and this can be from any date in the tax year. If for example the CTSA return covers the accounting period to 31st August 1999, the first period of trust SA liability will be the part year from 1 September 1999 to 5 April 2000.
THE CHARACTERISTICS OF FLAT MANAGEMENT COMPANIES: The establishment of those flat management companies in the study had generally been instigated by developers. Rights conferred by the Landlord and Tenant Act 1987, enabling long leaseholders to collectively purchase their freehold, seemed to have had little direct impact. The majority of companies were limited by share, although some blocks favoured limitation by guarantee. Shares offer certain advantages in relation to the financial liability of members, but a key disadvantage is the occasional losing track of ownership as shares must be transferred when a flat is sold but this is sometimes overlooked. 84% of companies in the study had been incorporated since 1970 and 54% since 1980. However, there was a sharp fall in incorporations since the late 1980s.
The buildings concerned were predominately modern. Over half dated from 1961, and two-thirds were purpose-built. Of the 32% which managed converted houses, the large majority (94%) comprised small units of 2-10 flats. The average rate of owner-occupation was 85%, with some 12% of flats sub-let and 2% unoccupied. These proportions were not greatly affected by type, size or age of block. Small and medium-sized conversions had the highest rates of sub-letting and non-occupancy. The large majority (82%) of companies had a membership rate of 100%, reflecting a policy of membership linked to flat ownership.
MANAGEMENT QUALITY: One of the main benefits identified by all residents was the ability to achieve the best value-for-money management and maintenance, through the payment of acceptable service charges. Directors also valued control over how and when works were carried out, such as whether to appoint contractors or to undertake work themselves. However, there was a general lack of planning for management and maintenance, especially in older blocks (particularly those built before 1914). Nearly half had no formal planning, and this increased to 62% in small blocks of 2-10 units.
The amount and length of forward planning increased with the size of the block. Just under 75% of flat management companies had a reserve fund and 30% had a fund of £1,001-£5,000. This also increased with block size. Service charge arrears were a problem in some blocks and 10% of respondents reported quite severe problems, with over 30% of resident members in arrears. This tended to increase with size of block and was worse where a managing agent was employed. Some managing agents mentioned particular problems with arrears in recent years during the economic recession. Several resident directors said they had come to special arrangements with residents who were in financial difficulty and felt there was a greater effort to pay when neighbours knew about arrears.
OWNERSHIP OF THE FREEHOLD: Fifty-four per cent of companies owned the freehold; this was more common in converted houses and more recent developments and, most particularly, in smaller blocks of 2-10 units, where the figure was 62%. Directors regarded freehold ownership as important where they perceived it would increase their ability to control management. This was usually where the freeholder was unco-operative or where the conditions in leases were unclear. Where the company already had strong powers to enforce regulations, directors did not feel freehold ownership had a significant impact on management. However, it was still considered important because of the 'wasting asset' problem (as the length of occupation left under the lease reduces annually). Many resident directors expressed a lack of knowledge about rights to purchase the freehold.
MANAGING AGENTS: Twenty-two per cent of respondent companies employed a professional managing agent. Managing agents and estate agents met with criticism and were judged to give poor professional advice. Information to potential flat purchasers was particularly lacking and the presence of a flat management company was not a factor most purchasers considered explicitly when choosing their first flat. Although the degree of planning was higher with a managing agent, often management quality was no better with an agent than without.
There was often also confusion over the role and responsibilities of the managing agent, especially those playing a 'dual role': for example, where the managing agent is appointed by an absentee landlord but is effectively paid by the leaseholders, or where the managing agent has become company secretary to the flat management company or has acquired the freehold of the block. Residents were more likely to express dissatisfaction where the managing agent was fulfilling more than one role.
A MANAGEMENT CODE FOR RESIDENTIAL PROPERTIES: Several managing agents said that they would welcome a Code of Practice which set standards against which management quality could be measured and to help them explain to clients about work that often takes place behind the scenes. Both resident directors and managing agents felt there was a need for workable sanctions against poor managing agents, and for the maintenance of some flexibility towards achieving management objectives.
UK FLAT (PROPERTY) MANAGEMENT COMPANY FORMATIONS FROM £100.00: We offer a range of services for business, including flat management company creation, registered office address in London, Doncaster, Liverpool, Edinburgh and in Northern Ireland. We have been offering property management company formations, nominee directors, nominee secretarial and associated services for over 10 years. Coddan provides a wide range of corporate services including: company and partnership registration (private companies limited by shares, companies limited by guarantee, PLC public limited companies, flat management companies, joint venture and subsidiary companies and LLP limited liability partnerships). We offer business advice to Flat Management Companies, including incorporation and company secretary services. We can help to set up (incorporate) a Flat Management Company under the Companies Act for the benefit of residents or tenants.
Our e-formation service eliminates the need to complete Forms 288a (to appoint the directors and secretary), making the process of forming a company even easier and quicker. With our new online electronic company creation system, we take you through each step of your company incorporation process as quickly and as simply as possible. Our specialist knowledge and vast experience enable us to provide a fast, efficient, and professional service, and one which a great many businesses have been founded and built upon to date.
Once you have completed our online order form and your new limited company is in the processing stage of being registered at Companies House you will receive an order acknowledgement from us by email. Documents we send you via email for the electronic E-Quick Flat Management Company Incorporation Package (£100.00) are: Certificate of Incorporation - in PDF format, Memorandum & Articles of Association, First Minutes of Directors meeting, share certificates, Registers of Members, Directors and Secretaries, Directors Interests, Company charges - in Word format.
It's a simple process to register your company. All you need to do is use the free availability check to see if your chosen company name is available. If so, then fill out a few details using the online forms, enter your payment details, and submit your application. No documents to sign!! We form companies with you as the first directors, secretary and shareholders. Our online order form is a completely web based application, whereby all the company details are entered into our system and submitted electronic through The Companies House Filing Service.
ORDER YOUR PROPERTY MANAGEMENT COMPANY TODAY! Order your company for the special price of £100.00.
Special Offer: New company establishment and registration with the name of your choice. You choose your own directors and secretary from the beginning. Your company is then submitted for registration with your choices as the original company officers. Free First class delivery within the UK.
Money and Payment Policy: Coddan accepts all major currencies. We accept Visa, MasterCard, and Delta. We do NOT charge "surcharges" for credit card transactions. If you do not feel comfortable transmitting your credit card number and other information on the Internet, we suggest you place an order online, choose "Credit Card via Phone" as the payment method, and then phone in to give us your credit card number over the phone.
We'll charge your credit card manually. Pre-payment with cashier's check or money order is accepted. We accept wire-transfer from anywhere. After you place your order, details about the wire-transfer process will be e-mailed to you on the second e-mail notification. If you missed that e-mail, please call our toll-free number that's given on the order confirmation.
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U.K. Limited companies
Property Management Company Start-Up
£ 52.00
This is our most popular package with UK residents, and includes:
Submission of applications that details company's executive officers (£1,000 authorised shared capital, a minimum of one share may be issued)
A registered office address for 12 months, provided by Coddan
