Leasehold Management Pack - Leasehold information for flats

5 min read
The Leasehold Management Pack is bundle of documents purchased by the seller of a leasehold property and is also referred to as the Management or Freeholder Pack. The Leasehold Information Pack contains information about the freehold management, ground rent and service charges, and forms a part of the formal leasehold enquiries that a seller needs to provide to the buyer.

The leasehold information pack cost isn't standardised so the seller should speak to the freeholder or managing agent to confirm the cost for their flat and find out the estimated turn around - it can take weeks.

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It is often the case that sellers have some of the information provided within the leasehold information pack such as ground rent receipts, however this will not suffice for the purposes of the buyer as they require other more detailed information that you won't have knowledge of such as future planned maintenance works.

Just after instruction of the solicitor and receipt of the TA7 (Leasehold Information Form) from the seller, the seller's solicitors submits an LPE1 form to the Freeholder / Managing Agents. There is normally a fee to pay the Freeholder / Managing Agent for compiling this information and this is paid before the information is release. You can see what questions are asked in an LPE1 form here - The Law Society Leasehold Property Enquiries Form LPE1

What is a Leasehold Property?

A leasehold property is where you only own the leasehold for a fixed period of time. You'll have a legal agreement with the landlord (sometimes known as the 'freeholder') called a 'lease'. This tells you how many years you'll own the property. Ownership of the property returns to the landlord when the lease comes to an end however leases can be as high as 999 years long.

You can read our simple guide on everything you need to know about what to do when Buying a Leasehold Property.

What is included in a Leasehold Management Pack?

    Ground Rent Statement
Evidence of current ground rent paid and any ground rent due and the monthly/annual charge. This information is used to prove your ground rent has been paid and to apportion any amounts to you or that you owe on completion.

    Service Charge Statement
Evidence of current service charges paid and any ground rent due and the monthly/annual charge. As above, this will be used in an apportionment calculation. There is also information provided about any reserves held for service charges for future planned maintenance.

    Major works plans
Planned future works - also known as major works - are important for any buyer as they'll need to understand what repair work costs they are going to be liable for.

Details timelines and ways to speed up the process from months to weeks.

    Last 3 years of annual accounts for Management Company
The last 3 years of accounts of the management company shows how profitably the company has been trading. It is important for a buyer to know that the freehold is going concern and is managing the freehold and communal areas properly with sufficient cash reserves to cover any disasters such as roof repairs.

    Form EWS1 External Wall Fire Review
A review for leasehold blocks of flats over 18 meters to review the external materials used and confirm if combustible or not. Learn more: Form EWS1 External Wall Fire Review

    Asbestos Survey
    Buildings Insurance
It is the Freeholder's obligation to ensure that adequate buildings insurance cover is in place. A copy of the policy should be provided in the pack. Whilst the freeholder/managing agent organises the insurance the leaseholders have to pay for the cost shared between them.

    Notice fees, deed of covenant fees, and other freeholder fees
The pack includes costs the buyer will have to pay the freeholder after completion.

    Disputes & Enfranchisement
Any leaseholder disputes are listed along with any current action being taken in relation to enfranchisement (someone buying the freehold), extension of the lease (Read more about Extending your lease), right to manage or right to enfranchise company.

Who do you get the leasehold pack from?

You obtain the leasehold management pack from the freeholder or their agent (managing agent). Your freeholder may be the council.

There are cases where you need to get a leasehold pack from the freeholder who manages the ground rent and also the managing agent who handles the running and management of the freehold and is paid service charges.

What is the cost of the Leasehold Information Pack?

The costs that freeholders and managing agents charge can vary from free up to as high as £500. Council freeholders are cheaper than private company managing agents so it is always best to call them and find out what they will charge you for compiling this documentation. The cost covers the time on the company compiling the information to provide to the leaseholder.

The leasehold information pack costs more when the managing agent is a private company and in some cases can be as much as £350 to £500. Councils charge less money for a management pack for leasehold property - circa £150.

Where the ground rent is collected by one party and the service charge by another then the selling leaseholder will have to pay for two leasehold information packs.

How long does it take to get a Leasehold Management Pack?

It can take in excess of 4 weeks however we detail in our free guide below how the seller can get the leasehold pack quicker.

Details timelines and ways to speed up the process from months to weeks.

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