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Restoring Management Company

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  • Restoring Management Company

    Hi there, advice sought please!

    I own a house within a gated development which I want to sell. A management company was established to oversee maintenance of the common grounds that are shared by all 5 properties. The company was dissolved by the property developer in 2016 without my knowledge.

    A restriction is in place on the title deeds for all 5 properties stating that the management company must authorise any transfer of title. I’m therefore currently reinstating the management company in order to have this restriction removed.

    However, neither the developer nor the owners of the other properties want to act as managing director of the company once it is reinstated. There is the option of dissolving the company again once the restriction is removed, but I am concerned a potential buyer will be put off by there being no entity in place to manage the common grounds.

    I equally don’t want to be made MD as this will mean I carry responsibilities even after the property is sold.

    How should I proceed?