9:50 AM, 19th May 2023, About 7 months ago 2
Hello, I own two flats in a block of four, so there are 3 lessees. There is a managing agent for the freeholder who is less than efficient and very expensive but that’s another matter.
Major works are scheduled (and required) and we have agreed on the contractor after tenders went out.
The agent has assigned a surveyor to manage the project who is unknown to us.
The works will cost around £25,000 so not a small sum and I will be paying half.
The consultation period is almost over after a long process but now the agent is saying that we have to send them ALL the money upfront before the works start, in order for the contract to be signed.
This is ridiculous. I was expecting to pay a maximum of 50% upfront and then periodic payments as signed off by the surveyor with a 20% retention until all the snagging has been done.
Supposing the agent goes bankrupt, does a runner or is in cahoots with the surveyor?
In any case we need some protection here. I have known the chosen builder for many years and trust him and his contract will protect him along with his insurance, but what about us? We are paying after all.
We will be also be paying the surveyor for their project management.
Also, I assume the managing agent can’t charge us their usual percentage of annual costs for this project in their already high service charges, when they aren’t even managing it themselves and have just been intermediaries.
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