BNS offer homeowners peace of mind
The property industry is currently witnessing a key focus on parliamentary reform with regards to reviewing and consulting on both property and health and safety law.
Many homeowners have been met with onerous ground rent clauses, restrictive covenants within their leases/transfer deeds and excessive fees from freeholders for permissions and consents. As well as this, they have experienced excessive service charge fees from national managing agents delivering a sub-standard service, and a lack of control over what services are provided at their development.
This in turn restricts the homeowners financial and logistical freedom towards the management of their own development as one would normally expect to have when purchasing a property.
Bruce Clothier MIRPM, Operations Director of BNS, commented on the current situation: “There are instances where we have found many homeowners have innocently shown naivety and have not been guided sufficiently by their solicitor when purchasing a property, as well as falling foul to a lack of communication and assistive information from sales agents and developers in what exactly they are buying into.
“Added to this, there are many examples where we have found that a sales agent and developer have collectively decided on the amount of service charge required to service a development sufficiently, rather than an independent and suitably qualified managing agent, such as BNS, who provide suitable and professional advices to benefit all parties.
“This leads to unrealistic budgeting of costs typically estimated low for commercial reasons, and often leaves home owners with a deficit to pick up once the developer has exited the site.”
BNS have years of experience in having input in the design and future management implications for developers to consider in relation to their housing estate or apartment buildings. This in turn has assisted both the developer and the homeowners by removing uncertainty and liability.
BNS provide guidance on lease stipulations as well as service charge proposals to ensure leaseholders and property owners alike are given fair and reasonable service charge estimates and associated costs, whilst the developers/freeholder’s reputation is upheld.
BNS have pushed the necessity to produce assistive service charge literature bespoke to each new-build development they manage for the developer’s sales team to distribute and display, to demonstrate that the long-term success of the development and the purchaser’s requirements have been considered and not just the final sales product.
With BNS being involved in advance of the handover between developer and home owner, smooth integration and continuity of management for the development is secured with increased education of buyers, who may not be well versed of how managed schemes legally operate.
This further upholds the reputation and image of the developer, ensuring that a professional managing agent can manage in a proactive and efficient manner, and offers prospective homeowners peace of mind when considering whether to proceed with their purchase.
For more information, please contact BNS on 0117 9570 809, email firstname.lastname@example.org or visit www.bns.co.uk