Management Company
Definition
A company responsible for maintaining the common areas of a leasehold development — hallways, gardens, lifts, car parks, and building insurance. Can be a resident-run company (where flat owners are directors) or a professional property management firm appointed by the freeholder. Costs are recovered through service charges.
Why it matters
The quality of the management company directly affects your service charge bills, the condition of the building, and your day-to-day living experience. Before buying a leasehold flat, check the management company's accounts, any Section 20 consultations, and whether leaseholders are satisfied with the service.
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