Entitled ‘Leaseholder Guide to Lease Administration Fees’, the document has been published for those consumers who already own, are looking to purchase or are selling a leasehold property and outlines the responsibilities that come with such properties and the charges that may be part of the lease.
The guide covers the three types of charges often associated with leasehold property: ground rent, services charges and administration charges.
Beth Rudolf, director of delivery at the Conveyancing Association, said: “Part of the major problem we see with the fees associated with purchasing, selling or owning a leasehold property is that many consumers simply have no idea about the potential charges involved and how they might escalate over time.
“We wanted to outline the types of charge that can come with such a property, and in particular to look at those administration charges which are made by the lease administrators, and the current process for disputing them.
“This is all about consumer education, and with leasehold such a housing market and political hot potato at present, this should be the perfect time for conveyancers, consumer groups and all those involved in providing advice to leaseholders to issue this guide to ensure there are no surprises when these charges are made.”
The ‘Leaseholder Guide to Lease Administration Fees’ can be found on the featured downloads section at www.conveyancingassociation.org.uk.