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
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.