Updating post from Reddit.
I am the Director of a leasehold management company that owns the lease to two flats (one of which is mine and I am a joint shareholder with the owner of the other flat). What happens when the owner of the other flat moves on?
Apologies if this is an obvious question but I inherited the flat and the Directorship passed to me.
It would get passed to his next of kin. It wouldn’t just go to you, unless you buy it? Or ur in their will.
I think a new owner has rights to be appointed director and the outgoing owner has to resign.
The director selling resigns and a new director (the buyer) is appointed.
This. I'm a director of a RTM company for 2 flats and this is how we handle it. 2 owners are the 2 shareholders and both are also company directors.
The residents’ management company does not “own” the lease.
A lease is an agreement between two parties - so when one party (the leaseholder) sells their interest in the lease to someone else, the lease is just transferred to the purchaser.