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Putting the property management pieces in place |
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About Managing Agents & ARMA
What is a Managing Agent? A managing agent is a person or firm that is appointed by the freeholder or the legal entity that has control of a property to manage that property on their behalf. In the case of residential leasehold property (subject to the lease permitting such an appointment) the managing agent contracts with the freeholder or resident management company (including Right To Manage companies) to manage the property in accordance with the terms of the lease and statutory requirements. The freeholder may be an outside investor or, indeed, the lessees themselves. To fully understand the relationship between the freeholder, lessees and the managing agent where the lessees jointly own the freehold ARMA's Guidance Note on Lessees and Residents' Management Companies gives a good overview. For other useful information visit the Advice Page. It should always be remembered that the managing agent is only the agent of the freeholder or the person/organisation with legal responsibility for the management of the property, thus the ultimate responsibility for the full and proper management of the property will always remain with such a party. A lease is a contract between the lessee and the freeholder (often referred to as the lessor) to which the managing agent is not normally a party. What ARMA is ARMA is a trade association for firms that manage private residential leasehold blocks of flats in England & Wales. ARMA promotes high standards of leasehold management by providing advice, training and guidance to its member firms of managing agents. ARMA also produces guidance materials for leaseholders, Residents Management Companies and investor freeholders whilst campaigning for improvements in the legislation governing the leasehold sector. ARMA has over 260 corporate members managing some 900,000 leasehold units in more than 34,000 blocks (at least 60% of which are lessee-controlled properties). ARMA members are comprised of firms or practices engaged in the management of residential leasehold blocks of flats in England & Wales. All members agree to adopt and abide by ARMA's principal objectives and undertake to comply with the RICS code of practice "Service Charge Residential Management Code". What ARMA is not ARMA does not cover lettings management nor retirement housing, although some of its members are also involved in these sectors. Neither does it encompass management in Scotland where there are differing property laws. If you are involved in block management and are interested in making an application for membership of ARMA, please write in on your company letterhead, and we will post you an application pack. For further information on the requirements of membership call ARMA on 020 7978 2607. |
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