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The Management Company do not appear to be acting as they should be.
As to the shares, it all depends on whether the Company is limited by shares or guarantee (if the former, all Leaseholders should have a Share Certificate but not if the COmpany is limited by guarantee).
As regards ***** ***** fund, the terms of the Lease would need to be checked, but if it does allow the Management Company to make a charge under the service charge provisions for such a contribution, then it is up to them whether this is actually requested. There is no obligation on them to ask the Leaseholders to contribute towards a sinking fund. I can only guess that as the Development is relatively new, they have decided against it at this stage in time, although they can of course request it in the future, provided the Leases allow for this.
Either way, if all or the majority of the Leaseholders are unhappy with the way they are managing the Development, they do indeed have a right to manage themselves-
The Commonhold and Leasehold Reform Act 2002 provides a right for leaseholders to force the transfer of the landlord's management functions to a special company set up by them - the right to manage company. The right was introduced, not just as a means of wresting control from bad landlords, but also to empower leaseholders, who generally hold the majority of value in the property, to take responsibility for the management of their block.
You will be able to find lots of useful information concerning the Right to Manage on the Leasehold Advisory service website.Link is- www.lease-advice.org
I hope this assists you and answers your questions.