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Property Management Companies: Tougher Regulation Required

Submitted on Thursday 4th August 2011

Published on Monday 8th August 2011

Current status: Closed

Closed: Wednesday 8th February 2012

Signatures: 63

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Property Management Companies: Tougher Regulation Required

Additional Information

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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