The Maunsel (Fourth Co-ownership) Housing Society Ltd. Wesley Square and the properties on it are owned by Maunsel (Fourth Co-ownership) Housing Society Ltd. This was one of very few of this type of co-ownership societies set up in the 1970's. The Royal Borough of Kensington and Chelsea, which also owned the land on which Wesley Square was built, funded it at the time. It is a non-profit company registered with the Registry of Friendly Societies. It is called "the Association" in the Lease and Rules.    Maunsel Fourth purchased the freehold of Wesley Square from the Royal Borough. Maunsel Fourth is not a social landlord, as it does not set out to supply social or easily affordable housing. It is a landlord, but one which is run by a committee elected for and by the residents.    Maunsel Fourth owns only Wesley Square, and it in turn is owned by 50 shareholders i.e. one share for each dwelling. The co-owners are shareholders. In the case of joint ownership, exactly who is the shareholder is regulated by the Rules of Maunsel Fourth.        Leases Maunsel Fourth leases each property to the 50 shareholders, so that the owner of each property is both a "landlord" by virtue of being a shareholder and a "tenant" by virtue of being a leaseholder. When a lease is assigned, the share is sold back to Maunsel Fourth and a new share is issued to the new co-owner.    The leases were originally for 99 years, most were converted into 999 year leases during the year 2000.       Rules, Leases, Deed of Variation and Insurance Policy Co-owners are given a copy of their Share-certificate, Lease, Deed of Variation, Rules and the schedule to the Insurance Policy. The whole Policy is available from the Managing Agent at the cost of copying. These documents are the final legal authority.       Selling the Lease The formal written permission of Maunsel Fourth is necessary to assign a lease i.e. to sell it to a new co-owner. The Managing Agent should be contacted early in the proceedings.    A charge is made on assigning the Lease, of 2% of the sale price. This is added to the fund available for improving the Square. The 2% charge is payable only if a payment has been made for the transfer of the lease, and not on inheritance or transfer from two joint-owners to one of them.                                                                                           Copyright ©2011 Maunsel Fourth (Co-ownership) Housing Society Ltd