Festalfine Limited

The freehold of Lichfield Court is owned by Festalfine Ltd which is in turn owned by the leaseholders as shareholders. Festalfine, as well as being the freehold owner is also the management company of the estate.

Festalfine Limited was incorporated in 1978 as a private company to purchase the freehold of the land and buildings of Lichfield court from the then landlord Freshwater Ltd, thus establishing enfranchisement for long leaseholders who became shareholders.  Fresh 120 year long leases were sold in the same year to existing leaseholders at an annual peppercorn ground rent of £1.00 per annum.  Festalfine owns a small number of flats which are let, the rental income going towards paying the running costs of the Company itself.  One of these flats (flat 34 in the Major Block) is used as the registered Company Office.  Festalfine also owns the headlease of Lichfield Terrace shops and Northumbria Court.

On purchase of a lease the leaseholder becomes entitles to one share in Festalfine Ltd with no one person having the right to hold more than one share.  Festalfine Limited is managed by a Board of Directors who must themselves be leaseholders according to the covenants of the lease and the Memorandum & Articles of Association of the Company.  Transfer of the share to a leaseholder confers voting rights at the Annual General Meeting which is held at a local venue in the latter part of the year.

Festalfine has a company office next to the foyer in the main block which is staffed by a CEO, Estate Manager, Assistant Estate Manager and Bookeeper who take care of day-to-day management.

The estate porters in the foyer of the main block provide cover between the hours of 07:30 and 21:30 Monday to Friday and 07.30hrs to 15.30hrs on Saturdays.  For the remainder of the time cover is provided by a security company.

The general day to day maintenance is provided by two estate workers; cleaning of estate communal areas is provided by the estate cleaner.

Estate gardens are looked after by a gardening contractor.

Festalfine also owns the head lease to the Lichfield Terrace shops and Northumbria Court.

The directors serving on the board are elected at the AGM to serve a 3 year term and must be leaseholders. Directors may be co-opted between AGMs but must be ratified at the next AGM. The directors oversee the management of the estate and work on an entirely voluntary basis.