record On the
ARMA-Q CMA report FirstPort
WHATS HAPPENING IN THE LEASEHOLD SECTOR
INFORMED BUYERS ARE KEY TO LEASEHOLD SUCCESS
Flat Living held the first in a new series of leasehold forums in May, bringing together more than 20 leaseholders and managing agents to discuss a range of issues affecting flat owners and their property managers.
Key issues included:
The lack of comprehensive leaseholder information provided by estate agents/solicitors prior to purchase. The lack of education among the general public about leasehold tenure and what it means for homebuyers and residents. The disparity in quality between property managers – are initiatives like ARMA-Q enough to improve standards? What can be done when leaseholders feel out of control of their homes? This leads to frustration and is often made worse by the number of buy-to-let properties, especially in urban areas, where absentee landlords may have little interest in the block. The problem of management fees – there was a consensus that fees have been driven down so low that managing agents are ‘piling it high and selling it cheap’ to make a profit and service quality is suffering as a result.
It was also agreed that there is not enough positive emphasis put on the benefits of effective property management and the fact that it can represent excellent value for money if a high quality service is provided.
One important initiative, announced in the spring, will go some way to improving the information available to prospective buyers. The Federation of Private Resident’s Associations (FPRA) is working in conjunction with the Leasehold Advisory Service (LEASE) the National Association of Estate Agents (NAEA) and the Law Society to develop a new information leaflet which will be widely distributed to ensure that prospective purchasers are able to make informed decisions. As part of this work, the existing standard set of questions, which can be used by solicitors in the conveyancing process for a leasehold property will be examined again by the Law Society in light of the competition and Markets Authority study, carried out during 2014.
Leasehold sales information – or the lack of it – was discussed at the Flat Living forum. This problem is now being tackled by the
Issue 21 19
Conveyancing Association (CA) as part of its campaign to tackle ongoing delays to the home buying process. The organisation flagged up leasehold sales information as a major problem, with 51% of conveyancers and estate agents polled in a recent CA survey saying it was a “regular issue” for them and 10% describing it as an “absolute nightmare”. The main problem cited was the length of time it takes for information to be provided in order for a leasehold transaction to be processed. In response, the CA has now published a new Leasehold Transaction Guide (available to download from
www.theconveyancingassociation.co.uk ) which aims to provide conveyancers with an overview of the existing laws around leasehold transactions.
In future, Flat Living will be holding regular leasehold forums to discuss a wide range of topics. If you have an issue you would like to see discussed, have a particular view to put forward or are working within an organisation that is tackling an issue that affects flat
owners, contact us via email at editor@flat-
living.co.uk
ARMA has announced the appointment of Noella Morton as its new Head of Operations, the first of two appointments following the announcement of Michelle Banks' retirement in April (see ARMA News p64 for full story). Commenting on her appointment, she said: “I am absolutely delighted to be taking on the role of Head of Operations at ARMA. This is an exceptionally exciting time to be coming into this role following the self-regulation of ARMA Q within our industry. I am especially looking forward to working with the Secretariat team and all our members, as my role will be inward facing within the organisation, dealing with the day-to day management of ARMA, the overall performance of the organisation and the delivery of services to our members”. Noella has more than 20 years’ experience in the industry and a long established connection with ARMA, having served on ARMA Council and also served as Chair of the Technical Committee.
Noella Morton is appointed Head of Operations at ARMA
19 20 21
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72