Fee templates

The UK Government has confirmed it will move forward with plans to end hidden commission payments on buildings insurance — a change welcomed for improving transparency, but one that raises new challenges for managing agents and landlords. Propertymark has warned that while reforms aim to protect leaseholders, unanswered questions around costs, VAT, and permitted activities could have significant consequences for the sector.

The Ministry of Housing, Communities and Local Government (MCLHG) and the Welsh Government have proposed new regulations overhauling how insurance costs are charged to leaseholders in multi-occupancy buildings, to increase transparency and prevent leaseholders from being overcharged through commissions and hidden fees. While Propertymark supports efforts to ensure fairness for leaseholders, we have warned Ministers that these reforms alone will not bring down insurance premiums; a focus on building safety and insurer confidence is needed to achieve real change.

The Ministry of Housing, Communities and Local Government (MHCLG) and the Welsh Government seek agents’ views on proposals to limit the building insurance charges that freeholders, property managing agents and landlords can ask leaseholders to pay. There are long-standing concerns about unjustified and unfair fees which leaseholders are unable to properly scrutinise and challenge.

Wonder how to find a good estate agent? In this episode of the Move iQ podcast, Phil Spencer talks to NAEA Propertymark President Liana-Loporto Browne about what to look for – from identifying a good agent through to how to get what you want from them including relevant market information.