A must-do for conveyancing?

TomCruiseFan

Hi,

FTB with share of freehold over 900 years leasehold.

Current stage is that my solicitor has finished reviewing draft contract paper and the management pack and made a list of enquiries.

I reviewed the enquiries and asked some additions and amendments which were made.

I am not a solicitor but I read leases and management pack. So apparently my knowledge and understanding may be limited.

Is there anything that I should double check and make sure during “raising enquiries” process?

My solicitor has done his work promptly, but I am not always sure if he is doing a “good” job and my rule of thumb is I only trust myself (though it generates some stress).

Any advice and experience would be so much appreciated.

RelievedSheff

Best advice. Let your solicitor do their job. Thats what you are paying them for.

eddddy

TomCruiseFan said

Is there anything that I should double check and make sure during “raising enquiries” process?

It's not really possible to answer such an open ended question here.

Maybe read-up on leaseholds in general top get a bit of an overview.

For example, here: https://www.lease-advice.org/leasehold/

But based on many posts here, maybe a couple of topics that are worth investigating…

1. Read the lease to see what you must and mustn't do, and see if that conflicts with things that you want to do.

For example, have a pet, sublet, make alterations, lay a wooden floor, store a bike, park a car, etc.

2. Again, based on many posts here, people often don't understand how service charges work. So read the lease to see what the freeholder/management company's responsibilities are - because you will have to pay a percentage of those costs.

For example, the freeholder might be responsible for things like repairing the roof, maintaining the grounds, maintaining the exterior of the building, maintaining the common areas, etc.

If any of those things look scruffy, in need of repairs, in need of repainting, etc - you might soon be getting a large service charge bill which represents your percentage of the cost.

poseidon1

https://forums.moneysavingexpert.com/discussion/6687489/a-must-do-for-conveyancing

It would be helpful to others to indicate the type of property you are buying, ie purpose built block of flats or conversion of a large house?

If a purpose built block of flats does it have a lift? Is there a flat roof? Is there a sinking fund for large future repairs etc?

I am assuming the share of freehold is via a freehold reversion company, therefore have you studied the freehold company accounts as well as the intermediate managing agents accounts for the building to get an overall sense of the financial 'health' of the property and whether it has always been compliant with its annual Companies House filing responsibilities?

Any freehold company that shows evidence of being threatened with or actually struck off ( in the past ) from the central register is indicative of poor management.

Regarding Companies House compliance since you will know the Freehold company name you can check companies house register yourself and glean the relevant information from the annual filings.

Since you plan to move into a managed blocks of flats, familiarising yourself with the behind the scenes ' nuts and bolts' of its administration should put yourself in a more informed position compared to the average FTB.