Why use a managing agent?

The management of long leasehold residential property is a complex business requiring a full understanding of the structure and meaning of leases, a thorough knowledge of the statutory requirements of the various landlord and tenant legislation (there are six key Acts of Parliament) and compliance with the recognised Codes of Practice.

All ARMA members endorse, accept and undertake to comply with the Code of Practice relating to service charges published by the Royal Institution of Chartered Surveyors and as approved by the Secretaries of State for England and Wales under the terms of Section 87 of the Leasehold Reform, Housing and Urban Development Act 1993.

In effect managing a block of flats is like managing a business which requires specific skills and time.

Some lessees who own their freehold or who have been given the responsibility to manage by the freeholder do self-manage their properties perfectly satisfactorily - so why use a managing agent? Because, if you select the right managing agent he will:

• Have a full understanding of leases and relevant legislation.
• Comply with the Codes of Practice.
• Have an in-house team (and outside contractors) to deal with all aspects of managing the property.
• Be able to provide full accounting facilities for budgeting, service charge collection and year-end accounting.
• Deal with arrears collection and disputes between lessees in an independent and fair manner.
• Most importantly, free up the lessees to enjoy their homes, avoid lessees becoming involved directly with disputes with neighbours and reduce the personal time that lessees would otherwise have to give in managing the property themselves.