Management company accounts
Posted: March 15th, 2019, 11:39 am
Not an investment question, but you property-owning folks probably have the best insights.
I've viewed a nice converted flat. Very ample space inside, quiet location, and in addition to communal garden there's a roof terrace so private as to be usable in one's birthday suit without risk of embarrassment. And it looks well-maintained. It's pushing my budget, as are the management charges and council tax band E (ouch!).
I understand the freehold is owned by the (five) leaseholders, so our interests will be aligned. But in view of quite high-looking charges, I asked the agent to see the last year's management company accounts, to get an idea of the expenditure. The agent seems unable to supply accounts, and has instead offered a general short list of works that have been undertaken in recent years.
How suspicious should I be of this? Is it realistic that a leaseholder-owned converted building should have no management company accounts, or is it more likely there's something to hide?
I've viewed a nice converted flat. Very ample space inside, quiet location, and in addition to communal garden there's a roof terrace so private as to be usable in one's birthday suit without risk of embarrassment. And it looks well-maintained. It's pushing my budget, as are the management charges and council tax band E (ouch!).
I understand the freehold is owned by the (five) leaseholders, so our interests will be aligned. But in view of quite high-looking charges, I asked the agent to see the last year's management company accounts, to get an idea of the expenditure. The agent seems unable to supply accounts, and has instead offered a general short list of works that have been undertaken in recent years.
How suspicious should I be of this? Is it realistic that a leaseholder-owned converted building should have no management company accounts, or is it more likely there's something to hide?