The residential leasehold sector is changing. Self-regulation of managing agents is on the horizon with the aim of improving the lives of leaseholders. Residential leasehold is a vital part of the housing sector. There are around two million leasehold flats in England and Wales and leaseholders are collectively paying around £2.5bn a year in service charges for the upkeep of the communal areas of their building. This is not a niche industry.
In most cases, the freeholder will employ a managing agent to carry out this work and collect the money. When you think of the vast sums involved, it’s hard to believe that managing agents are not subject to any form of professional regulation. Anyone can set up as one and start collecting service charge money without any qualifications, experience or membership of a professional organisation. This often results in the varying service levels and poor value for money that has dented consumer confidence in managing agents.
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Sourced from theguardian.co.uk