My wife and I bought a ground floor flat in London that was converted from a house into two flats. We have a good relationship with our neighbour upstairs who owns the upstairs flat.
We respectively own 50% of the freehold of the flat, which is held in a PLC that we each own 50% of. This was fine when we first moved in, it was an easy process to update an annual return form every year as it's a dormant company.
There has been some recent changes in companies house that have made this more complex - we now need director codes, identity verification, etc. All of these steps have been completed and I'm prepping to file our confirmation statement, but I've just noticed that there is now a £50 fee to file this every year.
My concern is that the administrative burden and cost for maintaining this seems to be increasing every year, and I'm not convinced it's the most efficient way of managing this - particularly with the new housing law reforms coming into practice.
Could someone please provide guidance on if having a PLC is necessary, and if it isn't, what course of action they would recommend? I appreciate we will need to get a lawyer involved if we change the current approach.
Thanks!