Growing numbers of leaseholders, tenants and consumers have been affected by over-inflated service charges, maintenance costs and other fees so a review is currently being conducted to investigate whether an independent regulatory body is required to ensure letting and managing agents are qualified and regulated to practise.
Government ministers are considering changing the laws to protect consumers, and increase transparency about the costs and charges that are being levied by managing agents and estate agents. Ministers also plan to give more power to leaseholders and tenants regarding their choice of agent.
Service charges on leasehold properties in the UK is estimated at between £2.5bn and £3.5bn and the All-Parliamentary Group on Leaseholds, believe that unnecessary costs could be as much as £1.4 billion.
At the ARMA conference yesterday Sajid Javid, Secretary of State from the Department of Communities and Local Government, delivered a speech where he discussed the matter in detail and made a ‘call for evidence’ for regulating the industry.
This call for evidence will last for 6 weeks from 18 October 2017 until 29 November 2017. We encourage you to respond by completing the online survey:
CLICK HERE TO TAKE PART IN THE CALL FOR EVIDENCE SURVEY