HM Government has ruled that it will not force landlords of leasehold properties to belong to a redress scheme.
However, the Conveyancing Association says that because there is no form of redress for landlords, up to 75% of leasehold home movers are being charged unreasonable fees.
The Head of Conveyancing at Co-op Legal Services said, “I agree with the Conveyancing Associations’ campaign as it is time for reform.”
“Leasehold transactions can take over 4 weeks longer to exchange than a freehold transaction. Fees for management information can be exorbitant ranging from £100 to £1000. This is difficult for any consumer looking to budget effectively, the fee coupled with delay will undoubtedly contribute to unnecessary pressure on the consumer when they are already involved in a stressful home buying situation.”
“Standardising the leasehold transaction process, providing set protocol and frameworks will help both consumers and the housing market generally by increasing turnaround times and reducing unnecessary costs.”
For more information see Conveyancing Association Leasehold campaign.