What does 'Managing Agent Enquiries' mean when buying a property?

Find out what Managing Agent Enquiries means when you are buying a property. 'What does Managing Agent Enquiries mean?' plus over 150 other property related terms and jargon in plain English

Managing Agent Enquiries

If you are purchasing a leasehold property it means you are buying the right to live in a property for a certain number of years - known as the "Lease Length".

The actual bricks and mortar of the building and the land that it sits on remain the property of the freeholder.

This means the freeholder is responsible for maintaining the building as well as organizing everything from lighting in communal hallways to paying the salary of a porter (if your block is posh enough to have one). You pay for these via a Service Charge

Freeholders often contract this work out to a Managing Agent.

As a potential buyer you should be aware of some basic aspects of a leasehold property such as:

  • How much has the service charge been over the last few years?
  • Are there any major works planned for the property and if so has any money been saved for them or are leaseholders expected to stump up the bill?

These are known as the "Managing Agent Enquiries".

To find out more about all the steps involved in purchasing a property pick up a copy of my ebook How to Really Buy a Property.

Search Results for 'managing agent' in
How to Really Buy a Property

"... deeds (or office copy entries) and starts the local searches As soon as the sellers questionnaire, fixtures and fittings form and managing agents accounts (in the case of a Leasehold purchase) come through he raises enquiries The local searches come back, perhaps prompting a couple of..."
"... the local searches are back he then gathers all the papers together at one time. He looks at the contract, title and lease along with the local searches. He now raises enquiries all at once as this is easier and takes less of his time. These will take 2-4 weeks, often depending on the efficiency of the managing agents, the local council and the vendors..."

"... a Service Charge: This is usual where the building has been split into flats or has been built as a block of flats. The Freeholder is responsible for maintaining the external structure from repainting the external walls to replacing the roof. It's the dull and boring side of being a freeholder and so he often hires managing agents to do the job for him. Whether or not he does, you will need to contribute towards these costs. He is responsible for doing them but you are responsible for providing the funds. The exact ins and outs of how this works, what he is responsible for, what percentage you must contribute and a whole lot more are laid out in the..."
"... over this are called the Sink Fund and are savings for the unexpected. Pay for things as they come along. Hire a managing agent to do it all! (see leasehold above) Making Changes to the Property: Many people confuse Share of Freehold with total freedom! Someone who owns a share..."

"... Charge Accounts (Leasehold Only) - where you are buying a leasehold property it is important to gain an idea of how much the managing agents charge every year to maintain and run the property. These charges could include lift maintenance, cleaning, lighting, care of a communal garden, even looking after the TV aerial and satellite dish. The most important factor is that these charges are consistent and reasonable with what is being provided. As such your solicitor will ask for at least the last three years accounts to confirm this or spot any trends that you should be aware of. Any debts that the vendor may have with the managing agents are identified here and are extremely important. Service Charge debts are based on the property. If you buy when there are outstanding debts they will become your..."
"... to Assign (Leasehold Only) - for most purchases this is a formality. It is a document from the managing agents or freeholder saying they accept you as the new leaseholder. There are some blocks, however, where you will have to provide character references, proof of your financial status and sometimes even attend for an interview. They are rare and, more often than not, in the upmarket apartments of Mayfair and..."
"... be familiar with when this actually occurred in the area and so asks for documents that do not exist Leasehold only: The managing agents are extremely slow to provide service charge accounts Leasehold only: The managing agents have been changed within the last three years and the previous..."
"... The managing agents are extremely slow to provide service charge accounts Leasehold only: The managing agents have been changed within the last three years and the previous agents are refusing to pass on any documentation. Leasehold only: Your solicitor believes the service charge accounts are..."
"... years and the previous agents are refusing to pass on any documentation. Leasehold only: Your solicitor believes the service charge accounts are not adequate but the managing agent refuses to provide any further information Leasehold only: The vendor owes the managing agents money but is..."
"... to provide any further information Leasehold only: The vendor owes the managing agents money but is refusing to pay it because he is in dispute with them. An example may be that he has withheld the cleaning charge because no cleaning has occurred! Leasehold only: The vendor owes the..."
"... With so many pitfalls in the documentation it is not surprising that your solicitor may want to ask further questions of the vendor, his managing agents or his freeholder. Much of this comes from the fact that there are no definitive protocols for the forms and documents that pass between them. ..."
"... (Leasehold and Share of Freehold only): From the freeholder or freehold company. Service Charge Accounts (Leasehold only): From the managing agents or from the freeholder if he has not appointed managing agents. Ground Rent Receipts (Leasehold only): From the freeholder. License to Assign..."
"... be familiar with when this actually occurred in the area and so asks for documents that do not exist Leasehold only: The managing agents are extremely slow to provide service charge accounts Leasehold only: The managing agents have been changed within the last three years and the previous..."
"... The managing agents are extremely slow to provide service charge accounts Leasehold only: The managing agents have been changed within the last three years and the previous agents are refusing to pass on any documentation. Leasehold only: Your solicitor believes the service charge accounts are..."
"... consent or building regulation approval if structural changes or additions have been made to the property Leasehold only: Who the managing agents are and who the freeholder is Share of Freehold only: The last three years accounts Share of Freehold only: A share certificate Details of..."

"... agents come in all shapes and sizes from large companies to individuals who buy up freeholds. They can be helpful or down right awkward. If there seem to be delays in getting the information your solicitor needs, ask for the contact details and chase them yourself. If you, the vendor, and both the solicitors are chasing then the managing agents are more likely to respond quickly in order to get all four of you off their..."

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