Company ltd by guarantee with ten members, set up to manage the common parts of a block of apartments, may become the owner of freehold of the block.

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The freehold was owned by the original developer of the block who has now offered to transfer it's interest to the management company (a company limited by guarantee).

What happens when ownership of an apartment changes? Does the freehold get revalued at that time and the vendor of an apartment asks the buyer to pay for this share? Would a company limited by shares be more appropriate or is the current entity still suitable?

 

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