Brett Williams, chairman of the Association of Residential Managing Agents urged managing agents to work closer with solicitors and surveyors in helping flat owners maximise the values of their properties. The remarks were made at a conference organised by the Association of Leasehold Enfranchisement Practitioners (ALEP) at its Autumn Conference. Alex Greenslade, Honorary Secretary of ALEP, added: “Managing agents have regular contact with their clients, the flat owners, and are in a great position to explain the importance of extending their leases at the right time”. Mr Greenslade noted that many blocks of flats built in the 1970s are now getting close to the 80-year threshold. When a lease drops below this number of unexpired years, it becomes very much more expensive to extend a lease than at 81 years.
The conference also included syndicate sessions on the right to manage and the new relativity graphs by the RICS. Participants noted that although RTM costs less, many are finding it less value for money because it does not solve many other challenges associated with managing a block. The new relativity graphs were thought to be more informative than definitive, and it will take some time until their usefulness is proven. Also discussed was the vexed issue of what is a house. Increasingly precedents and changes to the law have brought ever more properties – including central London offices in converted houses – under the scope of leasehold enfranchisement, even though the process was only intended for residential dwellings.
