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Introducing Ealing Village Freehold Ltd & Ealing Village Ltd

Ealing Village Freehold Ltd (EVFL) and its parent company Ealing Village Ltd (EVL) were formed in March 1997 when the freehold was purchased from the previous landlord, Channel Hotels. Ealing Village Freehold Ltd is a wholly-owned subsidiary of Ealing Village Ltd

The money to buy the freehold, and renovate the garages in order to render them rentable was raised by a mixture of selling shares in the prospective parent company (EVL) to existing leaseholders and also by selling some of the newly acquired garages to residents. Part of the cost of the freehold was offset by a judgement against Channel Hotels in lessees favour.

Because, at the time of purchase, there was the possibility that former residents who had left the Village, but were still technically owed money from the judgement might claim against the new company for removing the charge over the property in return for the freehold, two companies were set up to offer the shareholders protection for their financial investment.

 

Ealing Village Ltd is composed of an available 132 ordinary shares of £1 each (1 per flat). Of the 132 shares 125 have been bought and own a share in the ownership of the freehold. This means that 94.7% of leaseholders are also shareholders.

 Note: The service charge is not a source of income to either EVFL or EVL and funds are kept entirely separately in accordance with the Landlord and Tenant Act.

 

 
 
 
 
 
 
 
 

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