LEGAL BITS AND PIECES

LEGAL BITS AND PIECES: FAQ (Frequently Asked Questions) .

Let us assume that you live on the Island. When you bought your house the excitement of moving probably meant that you paid little attention to the legal work that went on whilst the purchase was taking place. So here is a simple explanation. Hopefully fairly accurate.

When you become an owner on TDI you also become a Share holder of the Company, you are issued with eight shares which allow you one vote at the AGM. Because TDI is a Limited company all sorts of legal requirements are now needed.

These need never be a concern to you until you sell your house.

The company (Thames Ditton Island (M&S) Ltd. requirements are:

(1) The buyer must enter into a Deed of Covenant (this would be sent to the purchasers solicitors)

(2) The buyer must after completion of the Deed of Covenant submit a stamped Stock Transfer Form and the Original Share certificate to the Company. Once the company has received the old Share Certificate then a new one with the Buyers name will be issued.

(3) A form of Consent to transfer will be sent to the buyers solicitors provided that the maintenance charges are paid up to date.

(4) A fee (at present ) £250 (plus vat) is charged and a suitable solicitors undertaking must be given in this respect. No consent form will be issued until these costs are paid.

If you need any more details about this before you sell your house, contact Caroline Spector who deals with this as Company Secretary.

She can be contacted at Wright and co, 020 7584 7557

or caroline@wrightlaw.co.uk

FAQ’s from buyers solicitors. (frequently asked questions)

The buyers solicitors will ask the company all sorts of questions some relevant and some would appear superfluous.

(Q) Does the company have ‘Memorandum and Articles’?

(A) Yes, hopefully these will be scanned at some time in the future and will be available on the web site although, they will if requested be sent to the solicitors.

(Q) Is there a sinking fund?

(A) Yes, the maintenance charge includes money to be put aside for the sinking fund .

(Q) Are there any mayor expenditures likely in the future.

(A) Yes these include the bridge, etc and are outlined in the ‘maintenance report’. But are of course allowed for in the sinking fund.

(Q) How do the houses get water as they are not billed separately?

(A) Water is piped to the island under the main walk way of the bridge, the water main then runs under the path with branches going to each house,

Water is paid for by the Island, as there is only one meter for the whole island. The individual houses then pay for their water through the maintenance charge.

Having only one meter on the Island means that as a whole we only pay for one standing charge giving all of the residents a considerable saving. There are of course disadvantages to this. These are constantly being reviewed by the board of Directors.

Each individual owner pays for waste water, this is paid direct to the Water Board. (at present about £80 per annum.)

(Q) Does the company have three years of accounts?

(A) Yes, hopefully these will be scanned and will be available on the web site, although copies would naturally be sent out.

There have been several other questions asked but they are too petty to bother with here.

There are several points in the Deed of Covenant.

(a) Moorings are not residential.

(b) Fences onto common parts of the Island must be kept in good and safe condition.