Regulation of leasehold managing agents revealed
Summary
The Government has confirmed plans for independent regulation of leasehold managing agents, including licensing, qualifications and enforceable standards of conduct. The proposed reforms also include capping certain permission and administrative fees, with a public consultation to follow on the scope and level of those caps.
Why it matters
These changes could materially affect how leasehold properties and privately managed estates are administered, including complaint handling, fee structures and document provision. Surveyors involved in leasehold, valuation or property management work may need to understand the new regulatory framework and its impact on client advice and due diligence.
Key points
- Leasehold managing agents are set to be brought under independent regulation.
- Agents would need a licence and appropriate qualifications to operate.
- A regulator would be able to set codes of practice and remove licences for non-compliance.
- The Government plans to cap some permission fees and administrative charges.
- A public consultation will determine which fees are capped and at what level.
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