We live in an in-fill developemtn of 7 houses built by a small local builder. When we bought the house 7 years ago the builder suggested that he would setup a company to own the access road then transfer this company to the owners taking a 1/7th share each.
Well after 7 years it looks like he has finally got round to it and we got a letter from a solictor asking if we wanted to do it and if so it would cost approx £100 per household for the solicitors to setup the company, transfer the land deeds and whatnot.
Now when we bought the property we agreed that we were jointly responsible for upkeep / maintenance costs on the access road along with the other houses and we've done this informally so far.
So my question is whether we should be concerned that we are becoming liable for anything major that we weren't liable before.