morningperson
Registered User
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- 26
I own a Section 23 property that has been let out by a management company for the last 7/8 years. It manages a number of properties in the S23 scheme.
In the first couple of years there was a small income from the rentals, distributed between scheme members. However in the last 2 years the company has run up significant losses. The company's accountant is hinting that scheme members are liable for these losses. Does anyone know if this is true?
Unfortunately I have very little information on the management company. I believe it is owned by the builder of the properties in the scheme. But as far as I understand the management companies for S23 properties would be government appointed/approved. I don't know where to look to find out more about how the scheme should operate, or the type of company, or what contract I am party to as a S23 property and owner of the scheme.
I would appreciate any information anyone would have on the above.
Thanks.
In the first couple of years there was a small income from the rentals, distributed between scheme members. However in the last 2 years the company has run up significant losses. The company's accountant is hinting that scheme members are liable for these losses. Does anyone know if this is true?
Unfortunately I have very little information on the management company. I believe it is owned by the builder of the properties in the scheme. But as far as I understand the management companies for S23 properties would be government appointed/approved. I don't know where to look to find out more about how the scheme should operate, or the type of company, or what contract I am party to as a S23 property and owner of the scheme.
I would appreciate any information anyone would have on the above.
Thanks.