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I'd be very careful about buying into a mgt co estate again. We've had huge problems with handovers from developers and also getting a managing agent of any worth.
Certainly in terms of fees there is no real way of knowing where they will end up over time. In alot of cases there has been no provision for a sinking fund to cover large expenditure and as such at some point in the future there will be a significant increase in fees to cover these large eventualities.
Has your solicitor made the section 37 requisitions? This should have been done and if not, it should be immediately. This should give you details of last year's accounts, which will show you what each unit paid in service charges. There may not be a budget for the coming year but last year will be an indicator. You should only have to pay a portion of this year's fees (pro rata on when you close the sale). The things you should watch out for are: how involved are the directors, have the common areas been handed over, how much money is in the sinking fund?
The Section 37 requisition should be obtained from the Management Company by the solicitor. This should show sinking fund amount, management fees etc.
Why not go to the estate and start doing your own research by asking variuous house owners there about the figures ?
Unfortunately in this day and age we cant seem to rely on so called professionals to do their job.
I have thought about going to the estate myself but would people on the estate think it was strange that a random person rolled up and started asking them about managment fees.
I agree with Truthseeker - I'd answer those questions too.
Is the problem with your solicitor? S/He should be explaining these details. If the mngt agent didn't clearly state what the service charge is, then the solicitor should go back and ask it.
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