Managing properties in London and across the South East
Leasehold and Freehold Reform Act 2024
The Leasehold and Freehold Reform Act 2024 will bring in new regulations relating to service charges for flats and for estate charges for houses.
New regulations for service charges for flats
The new regulations for service charges for flats will include the government mandating the format of a range of documents.
The government is currently consulting on the format of new template documents covering these activities:
- Annual property report
- Service charge demand
- Service charge demand with a detailed budget
- Reconciliation service charge demand
- Future service charge demand notice
- Administration charge schedule
- Template for provision of insurance information
- Service charge accounts
- Financial statement regarding service charge accounts
- Major works overview
Bamptons is participating in the government consultation and welcomes having new template documents covering these important activities to strengthen leaseholder protections.
New regulations for estate charges for houses
The new regulations for estate charges for houses will put estate charges under a similar regime to service charges for flats and will cover the following points:
- Estate management charges will be only recoverable to the extent that those charges are reasonably incurred and where they are incurred in the provision of services or the carrying out of works, only if the services or works are of a reasonable standard.
- Consultation on major works
- Demands for payment will need to be in a specified format
- New duties in relation to annual reports
- New duties in relation to annual accounts
- The First-tier Tribunal will have jurisdiction to determine the payability and reasonableness of estate management charges
- Landlords and estate management companies who manage property or estates to be part of a mandatory redress scheme.
Bamptons is already signed up to The Property Ombudsman service and welcomes the new regulations for estate charges for houses as they add significant protection for freehold house owners.
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