propertytalk Live! - 'Rip-off' could cost Leaseholders £700 million
UK property leaseholders - typically flat owners - could be throwing away a staggering £700 million a year in service charges for blocks of flats thanks to excessive fees and hidden costs from managing agents.
According to block management experts Urban Owners, on average 30% of the costs associated with running a block of flats could be avoided, by giving more control and visibility to flat owners. This equates to an average saving of £400 per flat per year.
There are approximately 1.8 million private leasehold flats in the UK1, meaning that across the country, flat owners could be needlessly paying out a total of over £700 million per year.
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