What are we responsible for once we take over?

The freeholder still owns the building. Two things do not pass to the company

• Forfeiture and re-entry. Only the landlord can take action to end a lease.
• Management of any flat or unit not held by a qualifying tenant, such as a commercial unit.

Approvals under the leases, such as consent to sublet or alter a flat, also pass to the company. It must give the landlord notice before granting one:

• 30 days for assignment, subletting, structural alterations, improvements or a change of use.
• 14 days for anything else.

Not covered here: directors' duties, handling service charge money, consultation duties and fire safety duties. Appointing a managing agent does not remove them. Get advice on these before you take over.