Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Leasehold Reform Uncertainty Spurs Uptake of Right to Manage
Uncertainty surrounding leasehold reform has prompted more leaseholders to pursue the Right to Manage (RTM) process, according to a report by Property118. The trend has been observed over the past year in response to changes in leasehold reform.
The report highlights that the uncertainty is primarily linked to the long-awaited draft Commonhold and Leasehold Reform Bill. This has led leaseholders to seek greater control over their properties through RTM.
For UK letting agents and inventory clerks, this shift may impact property management arrangements and responsibilities, as more leaseholders take on management functions previously handled by landlords or managing agents.
Source: Property118