Valid from 30 September 2021.
Every flat owner at Laurel Manor owns one Ordinary Share in Laurel Manor (No 1) Limited for Flats 41-68 or Laurel Manor Management (No 2) Limited for Flats 1-40 and is a Director of the relevant company. Under the terms of the original Leases the two companies are jointly responsible for the management of Laurel Manor in all respects except the arrangement of buildings insurance (at the cost of Leaseholders), which remained the responsibility of the Freeholder
However, with effect from 28 September 2009, a new company, Laurel Manor RTMC Company Limited ("RTMC"), assumed full responsibility under the Commonhold and Leasehold Reform Act 2002 for the management, including buildings insurance, of the development of the 68 flats and 68 garages known as Laurel Manor. The Directors of RTMC retain formal control but until further notice have, for a number of practical reasons, delegated the day to day management responsibility back to Laurel Manor Management through the joint Committee thereof.
Proudale Limited, the Freeholder of Laurel Manor, was placed in Administration on 24 January 2012 and the Administrators subsequently offered to sell the freehold interest to the Leaseholders in accordance with the Right of First Refusal under the Landlord and Tenant Act 1987 for the sum of £573,880, a worthwhile discount to the market value.
The purchase of the freehold interest in Laurel Manor (containing 68 flats in 5 blocks) was completed on 27 January 2014 in the name of Laurel Manor Freehold Limited (LMFL) (Company Number 8706051), a Company Limited by Guarantee.
The Land Registry application was duly completed and LMFL is shown as the proprietor under Title Number SGL 155017, the property being officially described as 18-30 (even numbers) Devonshire Road, Sutton (SM2 5EJ).
The bulk of the purchase price (plus associated costs) was provided by 60 (the Participants) of the 68 Leaseholders with the balance being met from the reserves of Laurel Manor Management. Each Participant, who will no longer pay ground rent, has been invited to become a Member of LMFL and to take a 999 lease from 2014 at a cost in legal fees etc of around £500.
The remaining 8 Leaseholders (the non-Participants) continue to pay ground rent under their existing Leases and they (or their successors in title) can at any time apply to LMFL to take a 999 year lease (running from 2014) provided they first pay the professionally determined premium at the market rate. Please note that this could be significantly higher than the sum related to the discounted purchase price for the freehold interest (see above). Any premium received as a consequence will be used to partially replenish the reserves of Laurel Manor Management (see above).
NOTE: On completion of the requirements set out in paragraph 4 below the new Leaseholder will be invited to become a member of LMFL but only if the particular flat was included in the Freehold purchase.
NOTE: At the AGM held on June 12th 2017 a vote was carried to outsource the management of Laurel Manor. It was further agreed to increase the management fee from September 2017 by an amount deemed appropriate for an external management in anticipation of a contract.
Following extensive research and consultation a contact was signed with Harrow Management Limited, Office 14, Pandora Estate, 41-45, Lind Road, Sutton. SM1 4PP to whom all correspondence should now be addressed.,
1. Service Charge to 28 September 2022. This is reviewed at the AGM (approx. June)
Estimated Expenditure and Provision for Liabilities
|Minor repairs & maintenance||4,000|
|Management fees||12,250||£150 per flat plus VAT contribution.|
|Sundries (AR/AGM Hall hire etc)||300|
|Contract cleaning and Gardening||10,000|
|Electricity and Water||2,200||lobbies, access road, garage area, water standpipe|
|Refuse Bin maintenance||2,400|
|Legal and Professional fees||4,000|
|Fire protection review (monthly)||3,800|
|Site Manager Expenses||4,200|
|Genaral repair Costs (from reserves)|
|Provision for External Decoration||1,080||done in 2016|
|Provision for Internal Decoration||2,890||done in 2016|
|Provision for Carpeting Replacement||1,870|
|Provision for two roofs||7,730|
|Provision for re-pointing/cladding||1,130|
|Unforseen and Contingency||2,000|
|Total Annual service expenditure||66,770||apportioned equally between the 68 flats|
|INCOME||61,200||Residents charges: £900 per flat annum for 68 flats|
|4,070||Contribution from reserves|
|2021/2022 Annual Charge to Lessee||£900||by 2 instalments due 29 September & 25 March.|
|or monthly payments by arrangement.|
|The Annual Service Charge includes the cost of buildings insurance cover.|
No additional charge for the current year has previously arisen or is anticipated.
Details for the previous five years are:- 2020/21 £900; 2019/20 £750; 2018/19 £900; 2017/18 £900; 2016/17 £600;
2. Enquiries regarding Buildings Insurance cover, Deeds of Covenant, Ground Rent, Lease Extensions, Licences to Alter and Notices of Transfer should be directed to Harrow Management Ltd. Office 14, Pandora Estate, 41 - 45, Lind Road. Sutton. SM1 4PP. E-mail: email@example.com
3. Should you require any of the following documents for Laurel Manor Management (No 1)/(No 2) Limited (or as otherwise stated), please note our current charges:
|• Annual Reports and Accounts:(Latest available is for year to 30.9.2018)||£20 per year|
|• Latest approved AGM Minutes(June 2018)||£10 per copy|
|• Pack of last 3 years Reports/Accounts and latest approved AGM Minutes||£50 per pack|
|• Memorandum & Articles of Association of Laurel Manor Management Company or RTMC or of LMFL||£15 per copy|
|In all cases please make cheques payable to Harrow Management Ltd.|
4. Within one month of Completion Date, we require the following in respect of the relevant Laurel Manor Management company:-
|• Previous owner's Share Certificate, for cancellation.|
|• £30 for Share Registration/Administrative costs, cheque payable to Harrow Management Ltd.|
|• Duly executed Stock Transfer form.|
|• Notice of Assignment and (if mortgage applicable) Charge.|
|• Completed Directorship Appointment Form AP01. A Director will be the first named on the Share Certificate.|
|See also final paragraph above.|