Page 1000 - (A) Mammoth (998pp)

MHManagement Ltd_leaseholders letter_ MASTER (NEW) Colour l/h 05/10/2011 14:16 Page 1
4th October 2011
MITRE HOUSE MANAGEMENT LIMITED (REPRESENTING THE NINE LEASEHOLD OWNERS OF MITRE HOUSE)
124 KINGS ROAD • CHELSEA • LONDON SW3 4TP EMAIL: ENQUIRY@MITREHOUSE.ORG • WWW.MITREHOUSE.ORG TEMPORARY CONTACT PHONE 020 7589 7502
Just to bring everybody up to date with some important new developments at Mitre House.
Our Landlords, Rivers Edge, auctioned our Headlease on July 14 and the winning bidder was a Dr Mukadam (Rocktaste Ltd). As such, he became our Landlord, but we were able to action our legal rights to buy the Headlease for the same price he paid (£4500 plus legal fees etc). We felt it better the devil you know etc
So, four of us (Flats 2, 5, 6 & 7) purchased the Head Lease of the building. Not the freehold, simply the Headlease, which simply allows us to run, maintain and manage the block ourselves. We can appoint and fire Managing Agents if they don't perform - or we can manage the place ourselves. The new holding company is called Mitre House Management Limited and is now the Landlord, whereas the Freeholders remain as Royal London Asset Management. The headlease is issued by Royal London and has 68 years left to run, which is the same amount remaining on all flats who have not extended their leases (Flats 1, 2, 4, 5, 6 and 7) - Flats 3, 8 and 9 have extended by 99 years.
The present Managing Agents, Kinleigh Folkard Haywards, do not wish to carry on as Agents as we are below their minimum of 20 units - they only acted for Mitre House before as we were part of a much bigger portfolio run by our previous Landlords, Dorringtons/Rivers Edge and they were obliged to.
I don't think they will be missed.
To that end, what do we all want? - appoint new outside Managing Agents like KFH (and pay accordingly and put up with laissez-faire nonchalance) or let the new Landlord, Mitre House Management Ltd (Flats 2, 5, 6 & 7) run the place, cheaper and better. A common practice these days as Managing Agents such as KFH have an increasingly bad press for overcharging and not delivering the services expected.
As such, we're taking a vote from all 9 flats, which you'll make by simply emailing me your preference or concerns. In the event of no reply, we'll assume an abstention in the first instance and decide what to do another way if there is no majority one way or another.
Its all pretty simple - in time, but not immediately, savings can be made off the quarterly service charges and greatly improved upkeep of Mitre House common parts but in the full understanding that there will be a requirement from all leaseholders for patience and understanding whilst we become more familiar with all aspects of management and cannot fix, repair, improve and sort problems any quicker than Kinleigh Folkard Haywards have done to date (or indeed any other Managing Agents) - but we can guarantee to do it cheaper and better. A great requirement will be prompt payment of Service Charge and Ground Rent demands as the collection from late payers will be both embarrassing and contentious seeing as we all know each other, with legal fees from the Freeholder unnecessarily incurred in stubborn and regrettable circumstances. The consequences of late payments will affect everyone as quite obviously, if there's a shortfall of service charge funds, there wonʼt be enough money to pay for maintenance however cheaper and better it might be.
MAINTAINING MITRE HOUSE
DIRECTORS • PAUL BROWN-CONSTABLE • SEGAR KARUPIAH • DIMA INTERNATIONAL LIMITED • MICHELE SIGG HILLGARTH REG. OFFICE • PETERDEN HOUSE • 1A LEIGHTON ROAD • LONDON W13 9EL • REGISTERED NO. 7731341 • ENGLAND