Managing agents doing a bad job?
I am often approached by clients who own residential leasehold properties flats which are in blocks that are being poorly managed. More often than not the failure to repair and maintain the block is having a negative impact on the value of the individual flats, and it is also common for the failure to regularly repair to cost the leaseholders more in the long run as poor maintenance increases the cost of repair works when they are finally carried out.
It is important in such situations to act quickly; there are various options for the leaseholders but none of them are an overnight fix, and the sooner problems can be nipped in the bud the smoother and cheaper the resolution will be.
It may be that the Leaseholders are able to join together and Enfranchise the freehold, thereby cutting an unscrupulous, absent or lazy freeholder (or their agents) out of the picture.
If there simply isn't the money to purchase the freehold, the leaseholders may instead exercise their Right to Manage under the Commonhold and Leasehold Reform Act 2002, a cheaper option than Enfranchisement but one which still requires a majority of leaseholders to participate and has similar conditions that the building must meet to qualify.
If the building does not meet the conditions required for an exercise of Enfranchisement or for the Right to Manage, Leaseholders fear not.
The Landlord and Tenant Act 1987 empowers leaseholders to appoint a new managing agent when the existing managing agent is in breach of the requirements of the Lease of the RICS Code.
We are able to advise clients in detail about the requirements of the LTA 1987 and assist them in an application to the First Tier Tribunal for an Order appointing a new managing agent in place of an inadequate one. Evidence as to the failings of the existing appointment will be required, but it often not hard to find where poor management has been entrenched for some time.
If you own a leasehold flat in a poorly managed block get in touch, we would love to help you rectify the status quo and ensure bad management is not negatively affecting your property.
It is important in such situations to act quickly; there are various options for the leaseholders but none of them are an overnight fix, and the sooner problems can be nipped in the bud the smoother and cheaper the resolution will be.
It may be that the Leaseholders are able to join together and Enfranchise the freehold, thereby cutting an unscrupulous, absent or lazy freeholder (or their agents) out of the picture.
If there simply isn't the money to purchase the freehold, the leaseholders may instead exercise their Right to Manage under the Commonhold and Leasehold Reform Act 2002, a cheaper option than Enfranchisement but one which still requires a majority of leaseholders to participate and has similar conditions that the building must meet to qualify.
If the building does not meet the conditions required for an exercise of Enfranchisement or for the Right to Manage, Leaseholders fear not.
The Landlord and Tenant Act 1987 empowers leaseholders to appoint a new managing agent when the existing managing agent is in breach of the requirements of the Lease of the RICS Code.
We are able to advise clients in detail about the requirements of the LTA 1987 and assist them in an application to the First Tier Tribunal for an Order appointing a new managing agent in place of an inadequate one. Evidence as to the failings of the existing appointment will be required, but it often not hard to find where poor management has been entrenched for some time.
If you own a leasehold flat in a poorly managed block get in touch, we would love to help you rectify the status quo and ensure bad management is not negatively affecting your property.
If you are a Leaseholder and you would like advice about the terms of your Lease or any charges levied by your Landlord or Managers, contact Ben Colenutt on 0330 2000 063 or ben@jamiesonalexander.co.uk
For more information on the property related services Jamieson Alexander offer check out our Property Page.
Ben Colenutt
Jamieson Alexander
For more information on the property related services Jamieson Alexander offer check out our Property Page.
Ben Colenutt
Jamieson Alexander