Managing agents’ trade body, ARMA, says the Government’s response to the Competition and Markets Authority (CMA) study into the leasehold property sector is a positive outcome that places ARMA at the heart of policy development and self-regulation.
ARMA Chief Executive Michelle Banks said: “We have secured positive outcomes for our members and the industry by talking to, and influencing government. ARMA is now well placed to continue that key role at the heart of policy and self-regulation development.”
She went on to say that ARMA is extremely pleased the Government has acknowledged that the ARMA-Q self-regulatory regime for its members is a considerable force for higher standards in the sector, adding: “We welcome the opportunity to work closely with Housing Minister Brandon Lewis to ensure the ARMA-Q standards are part of the revision of existing Statutory Codes.
“We have argued for some time that action is needed to improve information for people who want to buy leasehold properties, and agree with the Minister that this is a priority together with making existing leaseholders fully aware of the rights and protections that they already have.”
ARMA says it is ready to contribute to the work of LEASE (Leasehold Advisory Service) and the Law Society to provide information materials in line with these new proposals.
“We will continue to use our influence in future discussions with government and other key sector stakeholders to improve consultation arrangements for leaseholders and managing agents,” Michelle Banks concluded.