Lakeside Rise is one of our proudest achievements. We worked really hard with the 250 owners here to free them from eight years of poor service, weak financial accounting, and a landlord that tried to make all the decisions for the development.
Revolution was recommended to one of the many owners who were dissatisfied with the management of Lakeside. And so began 18 months of hard work. As we started to look at the situation it became clear that the leaseholders were in fact being denied their intended rights simply because the shares in the management company had not been issued to the owners as their leases required. A number of First Tier Tribunal cases had also taken place, which had made rulings, but the decisions had not been implemented.
With our help solicitors were appointed to represent the owners and together we successfully forced the management company to issue the shares the owners were entitled to. Now in control of the majority of the shares, and with our guidance, the owners requested an Annual General Meeting (AGM). This request was completely ignored, despite being the owner’s legal right, and so we moved to the next phase of forcing an AGM without the management company’s permission.
The AGM was successfully held and one of the directors (who also happened to represent the landlord and who’s right to be a director was disputed) attended while the other directors stood down voluntarily once a motion was tabled to remove them. By the end of the AGM the owners were in control and all previous directors were removed.
The owners were now in charge of the management company and were then able to serve notice on the existing agent who had let them down for so many years. And so began a new lease of life for Lakeside – within 6 months of Revolution taking over management of the development its owners reported substantially higher rental values and the resale market was active again for the first time in years.