Management agency

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    Management agency

    Hi, I am new to all this so apologies if my question is not appropriate.

    I am in the process of buying a leasehold flat. It would seem that the freeholder is totally inadequate and has given responsibility informally to two of the leaseholders to self manage. This they seem to have done extremely well.
    My problem is that one of the leaseholders is also my vendor which now means the management agency is down to one person and he has admitted he will be there a maximum of 5 years. What happen if there is no one to take over? Can the freeholder take back control and put the service charge up disproportionately?

    thanks in anticipation

    #2
    If you are not happy walk away. Leasehold can be a nightmare.
    The freeholder in this situation can take back control at anytime.However, he must be reasonable with any charges or you can take action against him.
    How keen are you to buy ? With support from other leaseholders you can get Right to Manage. I suspect there is generally a lack of commitment or the current situation would not have been accepted. Best Wishes

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      #3
      The freeholder can appoint other leaseholders ( including yourself ) to self manage or leaseholders could invite another external company to become managing agent . Its not very difficult for you to learn about self management for a small block .

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        #4
        Thank you, although I have reservations I feel it is such a good flat and we are so near the end of the transaction, which has been painfully slow, I am torn. I just wanted some advice on the sort of powers the freeholder would have in such instances.

        thanks again

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          #5
          If you really like the flat then it's worth the effort. I suggest having a look at the LEASE website to find out more about leasing. You get free qualified legal advice and I have always found them excellent.

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            #6
            I will do thanks

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