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Delete the Service Charges (Summary of Rights & Obligations) Regulations 2007

1 Comment 20th July 2010

Consign the ridiculus Service Charges (Summary of Rights and Obligations, and Transitional Provision) Regulations 2007, Statutory Instrument 2007 No 1257 to the dustbin, as the only fit place for it.

Why does this matter?

This pointless bureaucracy makes it compulsary to print out two A4 sheets of meaningless legalise every time a freeholder wishes to bill a long leaseholder for their service charge.

This sort of waste going on throughout the land is a disgrace and typical of the Labour parties incompetent and useless meddling in the in the property sector

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One Response to Delete the Service Charges (Summary of Rights & Obligations) Regulations 2007

  1. Sue says:

    The people lobbying for change in service charge legislation are the people who have most to gain from the proposed changes. Those who stand to benefit most from the changes are not the long leaseholders but the managing agents and the accountants – admittedly for different reasons.

    Both want to ‘simplify’ the system. One aspect of simplification is to remove the need for audited accounts set down in some (not all) leases.

    The benefit to managing agents of not having the accounts audited is that the accounts can be filed in a truncated format so eg their fees and and other costs remain hidden from public view. You could argue that making service accounts available in the public domain increases visibility and makes fraud less likely.

    The benefit to accountants (and MAs) is the saving in time and costs in the way they account to leaseholders for service charge – work they generally regard as too small to bother with.

    Audit does not have to cost an arm and a leg. It depends on the level of scrutiny the flat management company instruct the auditor to perform.

    Sue

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