When some leaseholders buy freehold, but not all

outtatune

Oh, OK then, I'm sure their legal advice will cover that, thanks.

DullGreyGuy

outtatune said:

Thank you. I think it's a 3 party lease; I'd expect them to continue to use a managing agent if they do go ahead.

Managing agent would suggest its 2 party, the agent acts on behalf of the freeholder doing their day to day duties. 

In a 3 party setup its a company owned by the tenants that fulfil most the role of the freeholder not an agent, though technically the management company could also employ a managing agent to do things for them. 

Our last flat was in a development of circa 350 and approximately 200 of them had previously bought out the freeholder. Given such a large development that had permanent onsite employees etc they used a managing agent for the day to day elements. Ground rents were actually fairly low even in the pure leasehold properties but service charges were massive due to the age of the buildings and a lot of work being needed to be done (8 lifts refurbused, roof major repairs, all windows needing replacing... the quote for scaffolding 7 years ago was £1m)