What is the purpose of the Annual General Meeting (AGM) for leaseholders?

The Annual General Meeting (AGM) serves as a key platform for leaseholders to engage in critical discussions regarding the management of their property. One of the primary purposes of the AGM is to provide an opportunity for leaseholders to review the accounts, which gives them insights into the financial standing of the management and the property's budget.

Additionally, the AGM allows leaseholders to discuss various management matters that affect their living environment, such as maintenance needs, future projects, and any concerns that might arise. Voting on issues during the meeting also plays a crucial role, as it empowers leaseholders to have a say in decisions that impact their home and community. This collective involvement helps ensure transparency and gives leaseholders a voice in the governance of their property.

Other choices, although relevant to property management, do not fully encapsulate the comprehensive purpose of an AGM. For instance, while setting annual service charge rates is important and may be discussed in the AGM, it is not the sole focus or purpose of the meeting. Similarly, electing new managing agents or finalizing lease agreements may occur but are not primary objectives of the AGM. The AGM's broad focus on management discussions, voting, and account reviews is what makes it a significant event for leaseholders.