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Leasehold management co. transfer charges.
Kennington
Posts: 1 Newbie
Hi all. I'm in the process of buying a leasehold flat in a large development. There are two management companies; one to collect ground rent and building insurance and another to collect service charges and manage the property. In the disbursements section of my solicitors completion statement I see that these companies want £294 and £264 respectively for "Notice of Transfer/Charge fees".
Are charges like this normal?
Are charges like this normal?
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Comments
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Notice fees are normal, yes. Some of the larger management companies charge very high fees unfortunately and it looks like that's what you're dealing with. Ask your solicitor if they can send you a copy of the companies' standard charge lists as well so that you're forewarned about potential future charges too.0
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There isn't a large groundswell of opinion about this but if there was I am sure that people would be walking up and down outside the new build blocks of certain builders with placards saying:"Don't buy a flat from [Name of builder]. They will sell the freehold to [Name of Rip-off Property Company] who will rip you off."
Of course it doesn't happen, but it should. I am amazed that given the reputation of certain companies national builders still do this.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
The level of fees can be high but also reflct that there may be several things to do, not just a simple notice that you are the new owner.
1: Ask for the breakdown.
2: If the fees, most of which are classed as Adminstration Fees, are unreasonble there is statutory preotection where you can apply to the the LVT to determine a fair figure.
http://www.justice.gov.uk/downloads/forms/tribunals/residential-property/lvt2-liability-admin-charge.docStop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
I guess these companies will charge what they think they can get away with. I've just been charged £250 for a Leasehold Information Pack by the Management Company for the sale of my flat. Surely it can't cost this much to prepare this information.0
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I guess these companies will charge what they think they can get away with. I've just been charged £250 for a Leasehold Information Pack by the Management Company for the sale of my flat. Surely it can't cost this much to prepare this information.
Actually there is a fair bit of work involved in putting together this pack and answering all the solicitors queries, that is not an unreasonable price at all.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
you should check out when deciding! ok?Kennington wrote: »Hi all. I'm in the process of buying a leasehold flat in a large development. There are two management companies; one to collect ground rent and building insurance and another to collect service charges and manage the property. In the disbursements section of my solicitors completion statement I see that these companies want £294 and £264 respectively for "Notice of Transfer/Charge fees".
Are charges like this normal?0 -
:spam: in signature folks, hit the button please.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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