A Management Company is a legal entity formed to allow the individual owners take ownership of the Common Areas under the auspices of a Limited Liability Company. Each owner becomes a member of the Management Company when they purchase their property. The Company must comply with company law and therefore it is obliged to carry out such responsibilities as presenting annual accounts, making annual company returns, and collecting and accounting for service charges. The Management Company must have a set of Directors and a Secretary to remain operational. These Directors are initially appointed by the Developers until the common areas are transferred and then they resign and the owners appoint replacements from within their own Company.
All members have a responsibility to their management company as set out in their lease agreement such as the payment of service charges and the maintenance of the common areas whether they are internal in apartment blocks or external areas. The full responsibilities of the Management Company are outlined in the company’s Memorandum and Articles of Association and in the Management Agreement attached to their title documents.
When the Management Company is initially set up by the Developers they usually appoint a Managing Agent to carry out the functions of the Management Company and it is in this role that Winters Property Management exercise their years of professional experience and expertise.
