The director is under a duty to act in the best interest of the shareholders. He has possibly failed to do that. As a result of this, it appears that the shareholders have possibly been disadvantaged.
The problems you face are that you seem to be the only shareholder/leaseholder who is bothered about this and hence, you would be faced with funding any litigation alone and carrying any risk of that even though the others would eventually get the benefit.
The problem with loft space is that depending on the make-up of the building, it may only be of use to the top flat unless there is separate access. There are manifold problems in selling off loft space to 3rd parties.
Whilst it can be sold for the valuation, if it’s not possible to be sold on the open market, then it really comes down to how much the management company will take for it and how much the owner of the top flat is prepared to pay.
So, whilst it may seem that he has not acted in the best interest of the shareholders that may not necessarily be so. You would need three valuations before you can even consider going to court on this and those valuations would need to take into account, the access requirements .
What the director has certainly not done is follow the correct procedure for disposal of a substantial asset by calling a Extra ordinary General Meeting for the shareholders to consider the proposal.
As such, be possible to make an application to court to set the transfer aside and if that failed, an application to make the director personally responsible for any loss.
This is certainly not a do-it-yourself job although there is no legal reason why you cannot do this and potentially, you could be looking at legal costs which could initially run into tens of thousands of pounds.
Can I clarify anything for you?
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