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Posted by Administrator on 17.05.16 in News

The Leasehold Property Sector is at Risk

The Leasehold Property Sector is at Risk

This summer will see the publication of the first ever independent national survey of England’s 4.1 million leaseholders. RMC directors and leaseholders were invited to complete an online survey, developed by LEASE, the government’s ­Leasehold Advisory Service, working with property law specialists ­­Brady Solicitors.

The survey closed at the end of March and the results were both good and bad.

The early warning signals suggest that a healthy future for the UK’s expanding leasehold property sector is at serious risk from a breakdown in relationships and poor communication between leaseholders and managing agents. A lack of detailed knowledge about their lease and confusion over the options available to replace a poorly performing managing agent are emerging among the biggest challenges facing owners of leasehold properties. LEASE has promised to reveal the full findings on 31 May. The level of response far exceeded expectations, according to the organisers, who released interim findings, revealing a number of trends.

According to Brady’s MD Clare Brady “Leaseholders are feeling trapped and several respondents refer to a sense that the ‘system is broken’. Indeed, a worrying number of responders have said they are so fed up of their managing agent, they will never again purchase a leasehold property.”

"Just under a quarter of respondents so far are RMC directors,” she says. “Whilst many clearly enjoy their role, for the majority of RMC directors it has been more stressful and more time consuming than expected, with many admitting that, with hindsight, it is not a role that they would have taken on."

Roger Southam, Non-Exec Chairman of LEASE, said: “Leasehold properties are being built at a rapid rate, yet there is no definitive understanding of what is desired – both in terms of the build of the property or the management services that are subsequently provided.

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