This report is based on responses to a survey of Propertymark member agents conducted between 15–26 March 2023. Analysis is based on responses provided by 219 responding agents.
Members also told us of their concerns regarding the short period of many leases, the high cost of renewing a lease, difficulties obtaining information from management companies, and the need for more clarity on processes and rights for acquiring the freehold.
Selling leasehold properties
Not all estate agents will sell property on behalf of developers, but 54 per cent of those that do, reported in our survey that developers do not always provide the pertinent leasehold information to the agent.
Further investigation revealed that it is generally the small-scale developers who fail to have this information ready in time for marketing of the property. It appears, for these developers, leasehold particulars are placed toward the end of the to-do list. This causes obvious issues with consumer awareness – it is impossible to understand one’s obligations, if they are not provided in writing when necessary.
On the positive side, 74 per cent of agents responding to the survey reported that they regularly advertise the leasehold particulars when marketing a property for sale.