Myself and 2 other residents have become the soles directors of our estate management company having removed Persimmon as a director. We are listed as a Ltd company but employ and management company to collect estate management fees to maintain 3 small green spaces (estate has 110 residences). The roads are owned by Persimmon and under section 106 will one day be adopted by the local council (Shropshire CC). The need to pay the management fee is tied to the TP1 in our deeds. While the annual costs are low (circa £150 per annum) the costs of selling and buying are pushing £1000 and put off a lot of buyers.
my questions is, now we are directors of the company that controls the restrictive covenant, can we dissolve the company so there is nobody to impose said covenant and get all residents to complete form RX3 with the land registry to have the covenant removed from their deeds? Thus ending any ‘Fleecehold’ type arrangement?