Management of Ottershaw Park
The management of the Park is the responsibility of Ottershaw Park Estate Co.Ltd., (OPEC) who act as Managing Agents and own the freehold (although not the individual properties therein). The Company is "limited by guarantee" not shares, and in consequence share certificates are not issued. (A point which is not always evident to solicitors dealing with conveyances).
There are 79 units and one agricultural holding, thus producing 80 members, situate as follows: Tulk House - leaseholds 25 The Mansion - leaseholds 24 Freeholds 30 Agricultural holding 1 __ Total 80
All units, whether freehold or leasehold are legally obligated to "OPEC" to observe the covenants set out in their Leasehold or Freehold Titles. Generally, it is these covenants which govern the rights and obligations of both Members and the Managing Agents.
There are two further obligations which have as their authority resolutions approved unanimously at Annual General Meetings of "OPEC":
a.) Penalties: in the event of management charges which are normally due on 1st January. remaining unpaid for 6 weeks a penalty of 2% per month is due, effective from the original due date of payment.
b.) Legal costs: if the Company deem it necessary to incur legal costs to recover unpaid management charges and penalties they are authorised to add the legal costs incurred to the amount due. (If the arrears relate to a leasehold property the Company can apply to the Courts for a forfeiture of the lease.)