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How concerned should I be about a property's managing agent?

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Author Topic: How concerned should I be about a property's managing agent?  (Read 90 times)
Newbie
Posts: 1

I like property

« on: June 10, 2021, 03:49:47 PM »

Hi there

My partner and I are in the process of becoming first time LLs. We've recently had an offer accepted on a promising looking flat that comes with a promising looking tenant.

The flat is within a block that is managed by a local agent which has some not so favourable reviews online. There is also a damp patch on the ceiling of an otherwise very presentable hallway. How much of a concern should these be to a prospective leaseholder? The ground rent and service charge seem perfectly reasonable and the company sound helpful on the phone.

Any advice/tales of experience gratefully received.

Thanks

Max
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Posts: 1225

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« Reply #1 on: June 10, 2021, 04:13:54 PM »

Have you had a survey done yet? That should raise the question of the damp patch.You need to check if this is just an old stain from a leak upstairs,that need repainting,or something ongoing.Don't sign anything until that is rectified.As for the agent,are you going to manage the rental side yourself? If not,I doubt if you are under any obligation to use their services for your own tenant. You would need to speak to some other owners to ascertain the efficiency of the management  service they provide to the block. Personally,I would never buy another leasehold property.Buying the lease could hopefully become easier soon though and that may be what you are planning.
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« Reply #2 on: June 10, 2021, 08:29:30 PM »

I would run for the hills from a Leasehold property. Also I'd want vacant possession and the ability to choose my own Tenant. Seems, to me, you're worried about the wrong things in the first instance. The Ground Rent and Service Charge seem perfectly reasonable... now. Have you digested the Lease?
Full Member
Posts: 142

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« Reply #3 on: June 12, 2021, 04:52:57 PM »

Have you had a survey done yet? That should raise the question of the damp patch.You need to check if this is just an old stain from a leak upstairs,that need repainting,or something ongoing.Don't sign anything until that is rectified.As for the agent,are you going to manage the rental side yourself? If not,I doubt if you are under any obligation to use their services for your own tenant. You would need to speak to some other owners to ascertain the efficiency of the management  service they provide to the block. Personally,I would never buy another leasehold property.Buying the lease could hopefully become easier soon though and that may be what you are planning.
I am assuming he means block management.
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