Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
The government is seeking views on the regulation of letting and managing agents and the approaches government could take to implement any such regulation. Protecting consumers in the letting and managing agent market call for evidence. The intention is to help create a property management system that works for everyone.
The government will consider changing the law so that all letting and management agents, across both the private rented and leasehold sectors, must be qualified and regulated in order to practice.
The publication today follows the government’s consultation, ‘Tackling unfair practices in the leasehold market’ . You can see LEASE’s response to this consultation.
As part of this new call for evidence, government is seeking views on:
- whether regulatory overhaul of the sector is needed
- measures to protect consumers from unfair costs and overpriced service charges
- ways to place more power in the hands of consumers by giving leaseholders more say over their agent
- if a new independent regulatory body is needed – and if separate bodies should be established, for both leasehold and private rented management, and letting agents
Measures to be considered as part of the call for evidence include:
- how consumers can be empowered in the market, including whether leaseholder tenants should have a greater say over the appointment of managing agents
- how transparency can be increased in the system so that tenants and leaseholders know what they are being charged for and why
- ensuring fairness and openness around relations between freeholders and agents
- looking at what qualifications are needed by agents to practice and how regulation can be improved
The call for evidence will last for 6 weeks from 18 October 2017 until 29 November 2017. You are encouraged to respond by completing an online survey.
Alternatively you can email your response to the questions in the call for evidence to: [email protected].