York Close Estate Management Company Ltd
The York Close Estate was built around 1966 by the Housing Association for rent. The scheme was known as the 8th Dorchester Co-ownership Housing Association, and the Managing Agents were a London Estate Agent, John D. Wood & Co., latterly Coastal Counties (now known as Southern Housing Group).
There are 4 blocks of flats called Hanover Court, Stuart House, Tudor House and Windsor Court, consisting of 61 properties in total, made up of 1, 2 and 3 bedroomed flats and 2 and 3-bedroomed maisonettes.
The principle of the Co-ownership scheme was that there where financial benefits on leaving, provided that you stayed for at least 5 years.
Properties were valued at the time on entry and again when moving on.
For residents who lived there for 5 years or more the financial package was based upon a percentage in the increase in value over the time in which the property was rented and an additional percentage based on the number of years rented. The percentages increased with increases in time, so for example a 6 year rent period would provide sufficient funds to put a deposit on a house for purchase (typically £3000) - 3-bed houses being around £14,000 at that time.
Rents at the time were based on primarily maintenance costs - typical rent for a 3 bed flat in 1975 was £30 per month! There was a resident caretaker who was provided with a flat and had responsibilities for grass cutting and general maintenance.
In the early 1980's, following the 1980 Housing Act, the right to buy rented properties came in and the estate changed from being a rented estate to an owner occupied estate. The same principles of financial benefits applied and, therefore, there were significant discounts to the market prices.
Management
The estate then became self-managed by the formation of a management company, York Close Estate Management Company Limited, with single shares in the company for each property, and a board of directors formed from owners. Annual accounts are subject to audit and maintenance charges are applied based on perceived outgoings (on the same principle that applied to rents in earlier times).
Whilst individual properties are Leasehold (original 999 year lease) each owner also has a share in the Freehold, so market prices should reflect this compared with other leasehold flats.
The Company's year is from April to March with the Annual General Meeting held in June each year where the Accounts are presented by the Company's Accountant.
During the year Newsletters are issued to each resident and owner (for rented properties) - these are generally issued in May and December, to bring to the attention of residents any information, budgets, maintenance programme news.