The Rentcharge Deed
The Rentcharge Deed & Transfer allows a certain number of Directors of the Amenity company who are elected by the freeholders at the Annual General Meeting. Residents may apply to join the board especially if they have a particular interest such as planning permission, or family events, or garden maintenance.
The Annual General Meeting takes place at a venue near the Amenity and notice is given in advance so that residents may nominate directors, submit questions to the board and raise issues about which they are concerned.
The Board manage the income and expenditure of the Amenity. The most recent published accounts are available for inspection at this link: Formosa Amenity Accounts to Sept 2016.
So who exactly is the Formosa Amenity Company? It is a typical Limited Liability Company but its shareholders are, and must be, restricted to the freeholders in the triangle. Every freeholder there has one share in that Company, which is run, as normal, by a Board of Directors elected, of course, by the shareholders (freeholders). It has an AGM and must produce Annual accounts. Like the other amenity companies it is a small, self-governing community.
What are the powers of the Amenity Companies? Each Company varies depending on circumstances e.g. is there a communal garden? Are the houses stucco or brick? The Amenity Companies exist to preserve the features of their areas.
Any proposal to alter the external appearance of a house must have written permission from the Amenity Company.
Houses must be kept in good repair.
Houses must be painted a standard colour every five years.
Freeholders must contribute to running costs of the Amenity Company.
Any change to the external appearance of the houses and additions such as receiving dishes or aerials must have permission from the Company.
These are some of the powers and they are quite independent of the powers of the Local Authority. A householder may have planning permission from Westminster Council, but without written permission of the Amenity Company no alterations may be undertaken.