LandlordZONE

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Oct, 2014

Friday

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  1. #1

    Default Quick question...

    Hi all,

    When a council authority are considering doing a stock transfer and setting up an arms-length organisation, are they legally compelled to invite their residents to vote for or against the transfer taking place? If so, do leaseholders also have to be invited to vote?

  2. #2
    Join Date
    Jun 2010
    Location
    Foundation trench for New Shed@ Ham on Rye
    Posts
    15,051

    Default

    For an ALMO, no. It's not a stock transfer.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers. More ramblings atleaseholdpropertymanager.blogspot.com

  3. #3

    Default

    When the transfer happened in this area six years ago, it was referred to as a 'stock transfer' in the paperwork. In short, XY Borough Council simply formed XY Homes and most of the staff in their housing team moved across to join the new setup.

    However, at recent leaseholder meetings, many leaseholders have been kicking a s--t saying that when the vote about the transfer happened back in 2005 or 2006, leaseholders weren't invited to partake in this vote. I have no idea if this is true or not (it probably is), but I wondered if the council had to carry a vote out due to legal obligations or they merely did it to show that they're a kind and decent bunch of people who put their residents' feelings first.

  4. #4

    Default

    It says on their site: "XY is a housing association which owns and manages around 5,600 rented homes, including 400 sheltered housing flats, as well as 1,100 leaseholder properties. It was set up in February 2008 following the successful ballot of tenants and leaseholders to transfer homes from XY Council. We are already delivering 96% of the five year promises made to customers..."

  5. #5
    Join Date
    Jun 2010
    Location
    Foundation trench for New Shed@ Ham on Rye
    Posts
    15,051

    Default

    An ALMO is not a stock transfer- it is a change of management the ownership is retained.If XY homes as you say in one post is wholly owned by said council then it wasn't a stock transfer.

    If it goes to an RSL eg XY HA, as you say in your second post, then it was a stock transfer which should have been voted on by the issue of an offer document to all leaseholders and tenants.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers. More ramblings atleaseholdpropertymanager.blogspot.com

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