The UK’s first ever independent national survey of the country’s 4.1million leaseholders is set to shape the future landscape of the leasehold property sector by providing government and regulators with unprecedented insight into what needs to be done to support the vital role of the residential property management sector in meeting the growing demand for new housing stock.
Launched on 11 January 2016, the ground-breaking survey has been developed by V Formation client Brady Solicitors and LEASE, the Government’s arms’ length body for the leasehold property sector, with the aim of assessing levels of satisfaction amongst the UK’s leaseholders and residents management company (RMC) directors.
It is live online at www.bradysolicitors.com/survey2016 for leaseholders to contribute until 31 March.
“Leasehold properties are being built at a rate of close to 120,000 per year,” explains Roger Southam, Non-Exec Chairman of LEASE, “yet there is no definitive understanding of what is desired – both in terms of the build of the property and the management services that are subsequently provided.
“We are urging all leaseholders, and the RMC directors that represent them, to have their say by taking part in this unique and important piece of research into the leasehold sector in England and Wales.
“The research will provide valuable information for government ministers, and the industry’s regulatory bodies, and, importantly, will help the sector’s service providers, the managing agents, to understand how and where they need to improve, whilst assisting leaseholders to better understand their rights and responsibilities towards both their property and their fellow leaseholders.”
Of the 4.1 million leaseholders across the UK, LEASE estimates approximately 27% are in London, 22% in the North West, 14% in the South East, 7% in the South West, 7% in Yorkshire & Humber, 7 % in the West Midlands, 6% in the East, 4% in the North East and 3 % in both the East Midlands and Wales.
Brady Solicitors’ MD Clare Brady added:
“Our work within the residential property management sector demonstrates there are many exceptionally well managed blocks and estates, with excellent leaseholder / landlord communications. This is particularly so when the managing agent is a member of the Association of Residential Managing Agents, the Association of Residential Letting Agents, or the Royal Institution of Chartered Surveyors.
“However, the frequency and sheer volume of disputes over service charges and property management matters suggest there are many areas where improvements can still be made – not just in the provision of services, but also by ensuring leaseholders have a clear understanding of their rights and responsibilities.
“We hope that through this research we can help leaseholders and the companies that manage their properties, to work better together and ensure the leasehold sector can be a successful source of new homes for the UK’s growing population.”
The survey will be open until 31 March 2016 and can be accessed by clicking here.
The full findings will be presented by 31 May 2016. All responses will be strictly confidential and anonymized when received to produce a report reflecting satisfaction levels and challenges faced by RMC directors and leaseholders.