When you purchase a unit in a multi-unit development, usually you purchase both your individual property (almost invariably a long leasehold interest) and a share in a management company which owns the common areas. The management company is established for three key purposes – to be the legal owner of the freehold of the units in the development, to be the owner of the common areas and to manage and maintain the common areas.
How active and well run a management company is and is going to be clearly is of significant importance. This is something you will have to check yourself and does not fall within our remit. As part of our conveyancing work we will raise Law Society standard Requisitions on Title and seek what is known as a Multi-Unit Development (“MUD”) pack. This should contain salient information on the development. We will pass what we receive to you, to satisfy yourself as to the information contained. It is beyond our brief to check or scrutinise it.