Becoming a member of a Management Company
I'm buying a flat that's so far taken 5 1/2 months with no end in sight. Cash sale. No chain. It's a studio apartment that was rebuilt after a fire in 2009. A result of this is that it's not far off a new build in terms of condition. My solicitor is having trouble getting copies of any service charge accounts for the management at the property. The managing agent seems to take the view that unless there is something unusual then the service charge will just remain the same (I think £75p/m). Apparently the freehold has been transferred to the management company. As yet we have not seen any evidence of this.
I was told the following and am instantly out of my depth:
"In regard to the freehold if this has been transferred to the Management Company following completion of the Flat you will in effect become a member of that company"
Has anyone had similar happen to them please? I'm not sure what the risks or costs are associated with this. I have great confidence in my solicitor but he's away at the moment and I wondered what fellow investors thought please.
Any help or advice would be very much appreciated
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