In the ever changing world of property management, the landscape is continually evolving to meet both the needs of both Freeholders and Leaseholders, a principle that Transparent Property Management was founded on.
One significant development that promises to bring about positive change is the introduction of Leasehold and Freeform Bill which was introduced to Parliament on 27 November 2023.
TPM is at the forefront of embracing regulations and legislation. As a result of this proactive approach our clients and customers stand to gain numerous benefits from these legislative advancements as we continue in our ethos to provide a transparent and resident-friendly industry.
Understanding the Leasehold and Freeform Bill:
The Leasehold and Freeform Bill is a groundbreaking piece of legislation designed to revolutionise the property management sector. It aims to empower Leaseholders, ensuring they have a greater say in the decisions that affect their homes and investments. The bill introduces a set of reforms that promote transparency, fairness, and efficiency, fostering a healthier relationship between property managers, Leaseholders and Clients.
Benefits for TPM clients and customers:
TPM lives up to its name by welcoming the enhanced transparency introduced by the bill. Although, not much should change for our Leaseholders as they will continue to have access to clearer information regarding service charges, maintenance costs, and decision-making processes. We know from experience that transparency fosters trust and understanding between ourselves and our clients and customers, creating a more informed and trusting relationship.
The Leasehold and Freeform Bill empowers Leaseholders by giving them a greater voice in the management of their property. TPM have already fostered this behaviour by establishing open communication channels, conducting regular meetings, outlining lease and legislation obligations, and seeking Leaseholder input on crucial decisions. This engagement not only satisfies regulatory requirements but also contributes to a sense of community and belonging.
Fair Service Charges:
The bill places a renewed emphasis on fair and reasonable service charges. The question of reasonableness is at the forefront of every planned expenditure for a TPM team member as this provides a more structured and justifiable approach to financial matters. By providing Leaseholders with detailed breakdowns of service charges and ensuring costs are reasonable, the company can continue to build trust and satisfaction among its Leaseholders.
Streamlined Dispute Resolution:
The legislation introduces efficient mechanisms for resolving disputes between property managers and Leaseholders. TPM customers can benefit from this with our implemented clear and effective dispute resolution procedures, ensuring that conflicts are resolved promptly and amicably. This proactive approach contributes to a positive and cooperative living environment, ensures that Leaseholders are heard and as a result provide buildings with the maintenance they required.
Enhanced Property Values:
A positive outcome of the improved transparency, resident empowerment, and fair practices is the potential for increased property values. As Leaseholders feel more secure and involved in the management of their homes, property values may rise, benefiting all with an interest in the building.
The Leasehold and Freeform Bill represents a significant step forward in reshaping the property management landscape. By embracing the principles and practices introduced by this legislation TPM can continue to cultivate a more transparent, fair, and resident-focused community. As we continue to prioritise the well-being and satisfaction of its Leaseholders, it is well-positioned to thrive in an environment of increased trust and cooperation.
We end 2023 reflecting on the various legislation changes that have taken place recently and how well that we at TPM have embraced them.
Our ethos to provide a transparent and collaborative service for our leaseholders, a solid service for our clients, whilst contributing to the property management industry in a transparent way will remain at the heart of all that we do.
If you would like to discuss how TPM can assist with the management of your block or estate, please contact Emma Peach MIRPM AssocRICS our New Business Development Executive who will be pleased to discuss your management requirements. Emma@Transparentpm.co.uk