Flat No 28 has been unoccupied for 13 years. The company has taken legal advice towards obtaining a Forfeiture Order. Unfortunately, due to the volume of work currently being undertaken by the Land Registry, this issue is unlikley to be addressed until September 2025. To date, the company has incurred professional charges of £6,848 to support this petition. This is shown as Other Debtors in the accounts. £3,480 has been paid to date, leaving a balance of £3,368 payable. This amount is included in Other Creditors.
In addtion to the above transactions, a total of some £7,250 is due to the company in respect of Service Charges and Ground Rent for Flat 28. When the company has secured Forfeiture of the Flat, it can be sold and all outstanding charges and legal costs may be recovered from the proceeds. The balance of any proceeds will be held in trust for any potential legal owner.