Property Managing Agents and Insurance related commissions

On the 27 November 2023, the Leasehold and Freehold Reform Bill was introduced to Parliament. The Bill aims to reform the current leasehold system, covering five million homes in England and Wales. Amongst other points, this bill proposes:

Transparency over leaseholders’ service charges

So all leaseholders receive better transparency over the costs they are being charged by their freeholder or managing agent in a standardised comparable format and can scrutinise and better challenge them if they are unreasonable.

Replace buildings insurance commissions for managing agents, landlords and freeholders with transparent administration fees

To stop leaseholders being charged exorbitant, opaque commissions on top of their premiums.

Further to the measures set out in the Bill, the Government will bring forward amendments that ban new leasehold houses; expand access to redress; and ensure shared ownership leaseholders benefit from enfranchisement reforms. They also plan to strengthen and improve leaseholder protections in the Building Safety Act 2022.

Read the full details here

Alongside the Bill, the Government has published their joint consultation with the Welsh Government Reforming the Leasehold and Commonhold systems in England and Wales, where they confirm they are accepting all the proposals considered.

These changes represent some fundamental changes to the way in which we will be ale to conduct future business if it goes through unamended. It is not presently clear how long the parliamentary process will take, but we all need to prepare for the eventual outcomes. We also note that a General Election is due next year, but it is our belief that this bill will become enacted regardless of any election result.

If you would like to discuss this or indeed any other aspect of your clients insurances then please do not hesitate to get in touch with:

Ben Henderson

Ben Henderson

Managing Director
James Paton

James Paton

Commercial Director
Gary Tommy

Gary Tommy

Compliance Director

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