How long does it take to get the leasehold property management information?

Shmo

Hi all.

Had an offer accepted on a flat mid July. My solicitor tells me that we can't exchange contracts until they get the management information pack (from the freeholder I presume) from the seller's solicitor. I was told that on 23 August and nothing has changed since then. Should I be getting worried?

Cheers.

evuliuxb

Really depends on how efficient the management company is. When we bought our leasehold flat it took the management company about a month and a half to get everything ready for the solicitors. We've sold the flat and are about to exchange contracts, and it took the management company only 2 weeks to sort everything out, but we've changed the property management company recently and they seem to be much better than the previous one.

G_M

Between 1 week and 6 months.

Mind you, if it take a long time, that tells you a LOT about the management company. Do you really want to live somewhere with a MC like that?

Fire_Fox

Have the estate agent chase the vendor once per week. It can take a while because there may be quite a few people involved - your solicitor asks their solicitor asks the freeholder and then in reverse. If it's share of freehold or a one man band you are relying on people not being on holiday or ill or in the busiest part of the year at work.

Shmo

Ahhhh thanks all. Time to start making calls and put on the pressure.

propertyman

If we assume that the contact information is correct, I would be worried.

Ask your vendor if they have any annual estimates or end of year accounts or any bills, or have they ever seen information on the building insurance.

If they look confused then it's give a sense that things of how ell things are run.

Richard_Webster

Freeholders can charge up to £400 for supplying this informaiton and we often find that sellers don't want to pay this. If they want to sell their flat thye have to pay but sometimes it is difficult for their solicitors to explain this to them/they won't listen.

propertyman

Owners can save theirselves tremendous amounts by keeping copies of accounts estimates invoices ( and obtaining receipts) and building insurance summaries and policies, and exercising their rights to obtain this.

With few exceptions this is the single biggest investment you make and your and your family's home...

Wouldn't you want to see ( every year) that it has been insured?

Even though it is unlikely that you would proceed without formal replies, it gives the purchaser a lot of reassuring information that at the very least there is someone at the wheel.

Or in the OP's cases, perhaps not.....:eek:

SleeplessinScandinavia

@ Richard Webster - thanks for sharing! Didn't know that such a charge may be levied by freeholders.

Like others here, yes I would be worried if you've not had the management information pack. Bear in mind that when it does finally arrive, there could be a number of discrepancies/issues in the documentation that your conveyancing solicitor must try and get answers to - and this could take even longer to resolve

Best of luck:)

evuliuxb

As some mentioned already, if you finally buy the property, try and keep all the info you get from the management company/freeholder through the years (yearly accounts, insurance copy, service charge invoices and payment proofs, ground rent invoices and payment proofs, any notices served ect) as this hugely helps to speed things up when selling it afterwards;) we had majority of documentation and were able to supply them to our solicitor without wasting too much time and waiting for the management company to find all this info in their files, though still had to pay £250 to them.