Boat Lane Court
Legal Arrangements
There are two major legal documents involved in buying a property at the Court and copies of these are sent to each Purchasers Solicitor. Copies are also available for reference from the Manager. These documents relate to each other and have to be considered as a whole but they can be described briefly as follows:-
Lease
This document grants the original purchaser a leasehold interest in the private dwelling for 99 years and a share in the communal facilities, but it also contains an obligation to pay a share of the cost of the services. The lease may be sold on, at the discretion of the leaseholder, save only that one of the occupants of the dwelling has to be over 55 years of age. Retirement Security Limited (the freeholders) has to consent to the assignment of the Lease.
Owners Company - Memorandum and Articles of Association
A separate Company, (the Owners Company) is established to provide the services at the Court. The only shareholders are the owners at the Court. Each dwelling is allocated one share. All the service charges are paid to this Company. The Shareholders elect a Board of Directors each year. There are five Directors, one of which is also the Company Secretary. The Manager is appointed to the Court and undertakes the management and secretarial work, including the work for the Company Secretary but has to account both to the Board of Directors of the Company and the Annual General Meeting of Shareholders.
