Documents: so far, just accounts, insurance, and the Memorandum & Articles.
I do not understand the second part of your question.
Purchasers need to agree to become members of the Company, there is a 'restriction' in the register. How can we trust the seller to inform the buyer, and to tell us the truth?
My statement about the register was not clear.
The Land Registry will not Transfer Title without a certification from the Management Company that the prospective purchaser "has agreed to become a member of the Management Company when required to do so".
How can we say that the purchaser 'has agreed' when we have contact only with the seller (so far)?
My understanding is that membership certificates are optional (1985 Act)
we do not seem to have issued any.
Appointment of a member just requires name, address, and signature in the Register of Members.
Only leaseholders can be members.
If people come to me, how do I know who they are? I have never met or seen the current flat owner.
We trust that solicitors will have made identity checks of their clients.
It all seems, to me, to be lacking the usual safegaurds against, fraud, tax evasion, money laundering, and so forth.
Perhaps this is all too complex online format, but I wanted to try it out. I think it has helped me to focus on what concerns me.
Have we gone as far as we can? Do you think we should stop here?
Kind Regards, Vincent
Thank you. That clarifies things.
Two quick points:
1. What if the buyer is also doing his own conveyancing, or the seller is doing it ?
2. What rights does the Company have to require proof of ID?