70% of leaseholders unaware of Right to Manage

A recent survey by block managers Urban Owners, has revealed that 70% of leaseholders are unaware of their Right to Manage their block. This is in spite of government legislation designed to give leaseholders more control over the management of their properties. The 2002 Commonhold and Leasehold Reform Act is a no fault procedure allowing flat owners to take control of their block from their freeholder. The survey also showed that only 30% of leaseholders are satisfied with the management of the property with less than a quarter believing that their managing agents’ service charges represent good value for money. Urban Owners claim that by acquiring the Right to Manage, leaseholders can in fact save an average of £400 per year.