Chainbow launch first time buyer guide on block management

Home hunters seeking to buy a new build apartment could be interested in a first time buyers' guide about the basics of block ownership and what managing agents should be responsible for has been launched as a free, downloadable brochure provided by leaseholder advocate, Chainbow.

Chainbow is dispelling myths about block ownership with its online brochure to help educate new and potential homeowners about the different types of residential property structures, what their managing agent should and should not be doing and what to do if homeowners are dissatisfied with their current managing agent.

Chairman and Chief Executive, Roger Southam, commented, "Chainbow compiled this brochure for two reasons. First, when we take over the management of a building there is often a large number of leaseholders who were paying for items they should not have been contributing towards, had no idea of their leasehold rights and generally do not understand what block management involves in terms of division of responsibilities. Secondly, when we are appointed to a new build scheme my staff is usually inundated with a series of phone calls asking why they are receiving bills from us and what the charges are for.

"I believe helping people understand property management before they own a home can help make the managing agent industry more accountable and prevent owners from being overcharged or embroiled in lengthy disputes.

"The number of clients I have represented at the Leasehold Valuation Tribunal (LVT), which deals with residential ownership disputes, has jumped from one in early 2010 to a dozen by the end of last year and there are ten more currently in the pipeline. Prevention is often better than cure so I recommend those who are considering buying a home, to have a look at our brochure."

The Chainbow first time buyers Block Management guide can be downloaded from www.chainbow.com.

Since 2006, Chainbow has advocated for tighter regulations of the property management industry and has called for managing agents to be licensed to ensure they are educated about legislation and leaseholder rights and penalised when they do not comply.