16. Management company named in the lease of the property

A management company named in the lease of the property is an entity established to oversee and manage the maintenance, repairs, and shared facilities of a leasehold property. This type of management company is commonly mentioned in the terms of the lease agreement and is responsible for ensuring that the property is well-maintained and that the obligations outlined in the lease are fulfilled. 

The management company is typically set up by the freeholder or the head leaseholder and is often composed of representatives or directors elected from among the leaseholders. Its purpose is to collectively manage the property's common areas, such as hallways, staircases, gardens, and any communal facilities, to ensure they are well-maintained and functional for the benefit of all residents. 

The responsibilities of the management company can encompass various tasks, including collecting service charges from leaseholders, hiring contractors for maintenance and repairs, arranging insurance coverage for the building, handling disputes, and overseeing compliance with the terms of the lease. The company operates based on a set of rules and regulations defined in the lease agreement and its own Articles of Association. 

Leaseholders may be required to become members of the management company and contribute financially to its operations through service charges. This enables them to have a say in decision-making processes related to the property's management and to work collectively to maintain the property's value and functionality. 

When considering a property with a management company mentioned in the lease, potential buyers should thoroughly review the lease agreement and any information provided by the management company. Understanding the role and responsibilities of the management company helps leaseholders be well-prepared for their involvement in the property's communal affairs.