Shared drive and maintenance agreement?

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Anthorin
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Shared drive and maintenance agreement?

Post by Anthorin » Tue May 28, 2019 6:51 am

There is a small group of 3 houses which includes a "common" piece of driveway , an electronic gate (with its own power supply), and the gates are controlled by an internal mobile phone.

The developer will be handing all this over to the residents. Setting up a Limited company would seem to be excessive (we dont want hassle with HMRC and accountants etc etc!), so at present we plan to set up a less formal residents group.

What we will need to get is some sort of constitution, maintenance agreement etc. that covers a small monthly payment for the power/mobile and presumably a small excess to build up for any other maintenance required.

Does anyone have a draft agreement of that sort? Are there any issues with the approach?

Collaborate
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Re: Shared drive and maintenance agreement?

Post by Collaborate » Tue May 28, 2019 7:59 am

Far far simpler to have a limited company. Easier to transfer a share in it when someone sells. I suspect far cheaper to administer too.

ukmicky
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Re: Shared drive and maintenance agreement?

Post by ukmicky » Wed May 29, 2019 12:37 am

It’s the way things are done now and allows for a form of joint ownership of land under different titles as the developer does not want to retain ownership.



You will probably find it has been set up at the land registry as common-hold land and you as owner of your property will have an ownership share of the common-hold land .

It comes with its own legal rules and regulations and as common hold land a common hold association will be set up which is the limited company.
Any information provided is not legal advice and you are advised to gain a professional opinion

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