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Regulation of Management Companies of Retired Leasehold Properties

Comment 2nd July 2010

I write as Secretary of the Residents' Association of a Retirement Leasehold development for 32 flats.  This RA has spent the last two years sifting through the past five or six years invoices.  To cut a long story short, we have found an extraordinary large proportion of errors, anomalies, etc.  Over the last few months – into the next few months we will have recovered many thousands of pounds.  There are still outstanding items, ongoing.  This may be seen as successful to some.  However, we still cannot be certain that the same errors will not happen again.  In any event, how many groups of retired leaseholders are as fortunate as ourselves in having the expertise and fortitude to uncover what is basically malpractice.

Far from removing regulation from the Retirement Leasehold Management Companies, we would argue that such malpractice results from the lack of any effective regulation.

Why does this matter?

In this age of approaching austerity, Retired Leaseholders in particular, require the assurance that the ongoing costs associated with their final proprty investment are not inflated due to the inability of Leasehold Management Companies to carry out the work which retired leaseholders pay them to do through management charges, in an efficient and ethical manner.

This is a problem which has existed for many years.  Both Labour and Conservative governments have 'fallen short' in dealing with it.  The Leasehold and Commonhold Bill did not resolve the situation.  Perhaps, through your input, the situation may be resolved.

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