Why are you dealing with this in isolation and what are the other flat owners doing about this?
Did he sell it to someone that he knows or did he sell it to the older of the top flat and if so, is that someone he knows?
May we have the background detail please?
Why was it sold so cheaply? Does he know the owner of the top floor flat or does he have some other kind of interest in it or is he just incompetent?
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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It is a special resolution to dispose of a substantial asset. You cannot dispose of a substantial asset for a nominal sum and then claim it’s not substantial because it was only sold for buttons.
If there is more than one director, it should have been executed by 2 directors and the land registry should have picked up on that.
I don’t know whether it has already been registered or not.
It also appears that the lease plan is defective in any event .
It’s very difficult to imagine the layout without photographs and plans.
You would need to apply for the Official Copy of the title and the title plan to see whether loft is now included in the demise. They cost 3 pounds each from the land registry new and get them online.
The first document you sent is the official copy of the deed of variation, not the title.
The later documents are the title which was some reason it into parts with two title numbers
However, looking at the plan which the deed says replaces the earlier plan (clause 2.1.1) only appears to demise the third floor.
It appears that flat 2 is on the ground floor, flat 3 is on the first floor, flat 4 is on the second floor and flat 5 is on the third floor.
looking at the later plan and looking at the deed of variation plan, for some reason the later plan now includes the stairwell.
Looking at the later plan, where is the loft space?
Notwithstanding, the deed has been registered so I can’t really add anything to my earlier answer.