It is worth remembering that residential leasehold sector is unregulated. Anyone can set up as a managing agent and start collecting service charges without the relevant qualifications and experience. That is why ARMA introduced a new self-regulatory regime called ARMA-Q which includes a consumer charter and bespoke set of professional standards which are aimed at consumer protection and best practice in all areas of residential long leasehold management.
All ARMA members must comply with ARMA-Q so anyone appointing an ARMA agent to manage their property can have peace of mind that they conform to high standards, as well as being independently regulated.
ARMA says “Choosing the right managing agent can be a bit of a minefield. The industry is not regulated so they don’t have to belong to a professional body or comply with specific standards. We have introduced ARMA-Q so leaseholders can be confident that they are choosing a quality agent.”
By using Oakfield, an ARMA agent you can be confident that;
– We have the right professional experience, to be a member has to prove they have at least two years’ residential management experience.
– Your service charge money is being held legally and safely, as a member we must demonstrate we hold service charge funds in trust as required by law.
– We have professional indemnity insurance
– We are committed to and bound by professional standards, ARMA agents must comply with the RICS Service Charge Residential Management Code. This defines best practice in the sector. If we do not follow the code, we could be subject to disciplinary action.
As a Leaseholder by using an ARMA agent you have peace of mind that your property is in the best hands. For more information on using an ARMA agent and to find out about Oakfield’s Block Management service call our Block Management team on 01424 834308 or bm@oakfieldproperty.co.uk
Neil Newstead FARLA MNAEA
CEO – Oakfield Estate Agents