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The Ministry of Housing, Communities and Local Government (MCLHG) and the Welsh Government have proposed new regulations overhauling how insurance costs are charged to leaseholders in multi-occupancy buildings, to increase transparency and prevent leaseholders from being overcharged through commissions and hidden fees. While Propertymark supports efforts to ensure fairness for leaseholders, we have warned Ministers that these reforms alone will not bring down insurance premiums; a focus on building safety and insurer confidence is needed to achieve real change.
The Ministry of Housing, Communities and Local Government (MHCLG) and the Welsh Government seek agents’ views on proposals to limit the building insurance charges that freeholders, property managing agents and landlords can ask leaseholders to pay. There are long-standing concerns about unjustified and unfair fees which leaseholders are unable to properly scrutinise and challenge.
The Consumer Rights Act 2015 made it a legal requirement for letting agents in England to display details of all fees and charges on websites and in offices. These templates support members who have Propertymark Client Money Protection (CMP) to comply with the legislation.
Wonder how to find a good estate agent? In this episode of the Move iQ podcast, Phil Spencer talks to NAEA Propertymark President Liana-Loporto Browne about what to look for – from identifying a good agent through to how to get what you want from them including relevant market information.
Join the LinkedIn Propertymark Learners Group — an exclusive digital support and advice community for anyone studying for a qualification.