Over 14 cross-industry trade and representative bodies, including the Law Society, have come together to create and endorse a new Freehold Management Enquiries (FME1)
Those involved in the creation of the FME1 form are urging all conveyancers to use this new standardised questionnaire to secure the necessary information if a property being sold is managed freehold. This is where a freehold property has a shared amenity requiring a maintenance either through an estate rent charge or covenants set out in the title.
The information required by the FME1 would come from the Rent Charge Owner, the Management Company, the Managing Agent or any appointed representative of them, and would provide greater certainty around the provision of the information required to ensure the conveyancing process can progress.
Use of the new FME1 form will ensure that prospective purchasers have full details of any contribution required, who organises the maintenance arrangements for the share areas / amenities, likely increases to these amounts, and who owes what.
