AGM's and Accounts

[Suetheramble]

Am I correct in thinking that because I own a flat all owners should be in receipt of the annual accounts each year and informed when and where the AGM will be held? I own a flat but do not live there the management company has my address but states that putting a notice up on the notice board at the flats is sufficient. The management then state that accounts are given out at the AGM. I have beeen unaware of any meetings any minutes and any accounts for the last 3 years or so.
Thank You

[bednobs]

Surely the management company do wahtever the leasehlder pays them to do??

[cassa333]

Do you own the freehold or leasehold?

If leasehold the management company doesn't have to tell you anything except give you an invoice of works carried out and charges levied in the year.

However if it is freehold then get the other freehold flat owners in for a meeting and change the managment company.

[Suetheramble]

thank you.
As a leaseholder we are shareholders so are management company legally obliged to send accounts to everyone and invite everyone to AGM's?

[cassa333]

Leaseholders have less rights than the freeholder. Part of your maintemance fee includes ground rent that is (in theory) paid to the freeholder.

What are you a shareholder of? If it is the management company set up solely for the purpose of managing your block of flats?

I think if a motion, at the AGM, was passed that the accounts etc will be given out at the AGM or in fact any other way then that is what they can do.

Check the paperwork and any passed motions for changes to the constitution.

[redcrx]

Im a director of the management company for my flats so we do get copies of accounts for signing.
Not sure if those that never bother going to the AGM of ours get copies or not, half of them dont even pay thier shares

[Suetheramble]

The shares are minimal value - every owner has a �10 share and the freeholder has a �50 share. Maintenance is paid to the management company with peppercorn rent paid to the freeholder. Is the management company therefore legally obliged to issue accounts to all shareholders?
I have shares with large companys ie BAnks etc and always invited to Agm's accounts are sent every year.
The agm must surely let everyone be aware when the meetings are otherwise it would be just the chosen few. and accounts so we know how the money is spent.

[cassa333]

It is still not clear what you have shares in. Is it a share of the freehold or the management company?

They are obliged to let everyone know when the AGM is and what votes are being discussed ie an agenda.

Otherwise as has been said they do not nessiccarily have to give everyone a set of accounts.

[Suetheramble]

Shares are in the management company