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 various landlord and tenant legislation (there are at least six key Acts of Parliament along with scores of Regulations) and compliance with the recognised Codes of Practice.
All ARMA members endorse, accept and undertake to comply with the RICS code of practice "Service Charge Residential Management Code" 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, who have excercised their Right To Manage 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 they will: