Secret commissions

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  • eagle2
    replied
    Michelle - I agree entirely that leaseholders need a voice, it may well be that you are doing the LKP a disservice,

    Leave a comment:


  • michelle230
    replied
    Originally posted by eagle2 View Post
    Michelle - I recommend that you carry out research, this is nothing new, Which magazine and the BBC Watchdog programme raised the subject many years ago. I suggest that you look into how the NHBC is funded.
    I didn't say it was anything new.
    I am aware of how the NHBC are funded which is the whole point as to why these organisations are ineffectual.

    And despite your vastly superior knowledge, I will continue to champion LKP. They have helped many desperate leaseholders.

    Leave a comment:


  • eagle2
    replied
    Returning to the subject of hidden commissions, the Lord Best report is only recommending that there is transparency on the part of the freeholder and agent, it is not recommending any limits. It is not uncommon for 2 or 3 different businesses to be claiming commission on the same policy and those may or may not be connected to the freeholder or agent. The leaseholder is unlikely to see the whole picture with the current proposals.

    Leave a comment:


  • eagle2
    replied
    Michelle - I recommend that you carry out research, this is nothing new, Which magazine and the BBC Watchdog programme raised the subject many years ago. I suggest that you look into how the NHBC is funded.

    Leave a comment:


  • michelle230
    replied
    Fos - 100% agree. On a par with the NHBC who are signing off thousands of structurally defective new builds. I wonder how these new builds will stand the test of time.

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  • eagle2
    replied
    Which estimated that leaseholders were being overcharged by £700 million per annum in 2011. The Select Committee noted that the leasehold sector is now larger and that figure is likely to be higher.

    ARMA estimate that £1.3 billion of unprotected client money is held by managing agents.

    That is the scale of the problem and explains why unscrupulous individuals have been attracted to the sector.

    Leave a comment:


  • fos333
    replied
    Hi,

    Are we only concerned with insurance here?

    On recently becoming a director of our RMC and finally having sight of the financial statements it has become apparent that our outgoing managing agent actually acquired 52% of the money paid into our service charge account over a 4 year period.

    How is this possible when RICS had conducted 2 investigations?

    During the same period the same defunct Ombudsmen Services Property also concluded 2 biased investigations!

    In my opinion neither of these organisations should have any input into a new Regulator.

    Leave a comment:


  • michelle230
    replied
    It's true and also difficult to prove especially if they own their own insurance broker as well.
    Also will cost you if you have been added to a multi block policy where some of those properties are considered risky for a variety if reasons.
    My F/H was found guilty of running an unauthorised HMO. Our insurance shot up even more!

    Leave a comment:


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    started a topic Secret commissions

    Secret commissions

Latest Activity

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  • Understanding a lease
    by Pattyb
    Can anyone tell me what this means and how much ground rent is to be paid and when ?

    TIA

    To hold the demised premises unto the Lease from the nineteenth day of December One thousand nine hundred and fifty-four for the term of nine hundred and ninety-nine years yielding and...
    10-04-2021, 21:29 PM
  • Reply to Understanding a lease
    by Pattyb
    I don't own the place yet, a friend of mine lives there but wants to sell and move into her partner's house. There are 2 flats and the free holder is a relative off the neighbors down stairs. She isn't paying any ground rent she's never been asked for any maybe that's because someone above said it's...
    11-04-2021, 08:02 AM
  • Berkeley / Woolwich aresenal development
    by sbag79
    Dear all

    I am looking to buy my second BTL property in Woolwich Arsenal area (London). It’s a flat originally built by Berkeley back in 2002. There’s a lease of approx 112 yrs left, service charge is around 1900£ and ground rent is about 150£. They have EWS certificate as well for...
    11-04-2021, 07:26 AM
  • RTM Director accuses another Director of fraud/stealing
    by KAH
    I am a RTM Director with two other Directors. We have appointed a external management company to help us run the management of our properties. Three property owners have substansial historical arrears ( one of which is a current Director of the RTM company).

    Our managing agent has asked...
    06-04-2021, 17:07 PM
  • Reply to RTM Director accuses another Director of fraud/stealing
    by Gordon999
    If a MA was appointed to run the service charge account and collect service charge contributions , the directors can instruct the MA to use the small claims court to recover arrears in service charge payments.
    11-04-2021, 06:14 AM
  • Lease holder/management company deliberately blocking sale of flat
    by stevied
    I have owned a flat for more than 10 years, the property lease has been sold twice during this time. I put my flat onto the market at the beginning of the year and after a few months I got a buyer. I asked for all the packs etc and found that the management company were deliberately taking their time...
    29-10-2019, 21:38 PM
  • Reply to Lease holder/management company deliberately blocking sale of flat
    by Gordon999
    It may be better to involve your local MP and get the MP to make a written complaint to CMA and to Housing Minister .

    They cannot help you until you raise up your problem to them.
    11-04-2021, 05:59 AM
  • Reply to Understanding a lease
    by Gordon999
    Under the leasehold property system ( existing in E & W ) , the legal owner of the property belongs to the freeholder and the leaseholders are just tenants under a long term rental agreement.

    How many flats in your building and are the flats paying very low ground rents ?
    ...
    11-04-2021, 05:49 AM
  • Reply to Understanding a lease
    by Pattyb
    That was a quick response, ta !

    Why are leases so hard to understand ?

    I want to eventually build a room in the loft but again I don't understand the lease.

    Can the freeholder refuse to consent to a loft room without any explanation because the lease says nothing...
    10-04-2021, 22:15 PM
  • Structural Alteration/Consent
    by ZRG90
    Hi all,

    Just moved into a property which is a converted house into 3 flats on a long lease, with each flat member owning a share of the freehold (we sit on public management company)

    My lease states I’m: “Not to make any structural alteration or structural addition to the...
    10-04-2021, 03:03 AM
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