Property Management Companies: Tougher Regulation Required

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Property Management Companies: Tougher Regulation Required

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There is a clear requirement for stricter regulation of Property Management Companies (PMCs) responsible for the collection of service charges from owners of leasehold properties in the UK.
There needs to be tougher consequences for PMCs who breach the regulations of the Landlord & Tenant Act.
As it stands, leaseholders have to go to the Lease Valuation Tribunal (LVT) at their own expense to take action again PMCs which are failing in their duties – a long, stressful and expensive process. There is a plethora of reports of PMCs mishandling residential developments with little or no consequence, leaving leaseholders out of pocket financially and with homes/communities in a poor state of repair.
PMCs need to be held to account as soon as failings are identified. The current system is too slow and not universally accessible.
The whole industry needs to be thoroughly investigated and a new system put in place which offers leaseholders the necessary protection from incompetent PMCs.

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