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Simon D. What you suggest in your first paragraph is what already happens in many leasehold flat developments. There is no separate management company. The landlord covenants to carry out the management and when the development is complete he transfers the freehold to a company owned by the tenants, who are obliged to transfer their share in the company to their buyer when they sell their flat. The company then organises the management, either themselves, or by employing a professional manager. Works well, but the developer does not get the extra profit which they have recently been getting by selling on the freehold to third party investors for a good return.