When we act on the sale of a leasehold property one of issue we often come up against a is the management pack. With a leasehold property the owner of the property owns the building but not the land and this is retained by the landlord otherwise known as the freeholder. The freeholder will have control over the common areas such as landings stairs gardens etc, these are generally managed be a management company who then charge the flat owners a charge known as a service charge. . When the property is being sold the seller will be requested by the buyer to provide a management pack and this will detail the service charge for the property, what services are provided, what anticipated service charges are for the future etc.
The problem we have is that the management company can charge varying sums for such packs and quite often the seller has not allowed for this is the sale fees. We are not able to tell the seller at the outset what the cost of the management pack will be until the management company have informed us and most management companies charge different amounts. the other issue with the management pack is that it can take time to come through.
At Fidler and pepper we have a dedicated team that deal with leasehold property and will try and obtain the management oack for you right at the outset to avoid delays.
If you are planning to sell a leasehold property then please contact Maddie Sault our specialist leasehold fee eraner and she would be more than happy to provide you with a fixed fee quote for the work.