‘Excessive’ property fees

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Leasehold property owners in Yorkshire and the Humber could be throwing away £42 million a year in service charges due to excessive fees and hidden costs from managing agents.

According to property management company Urban Owners, which has opened an office in Sheffield, costs associated with running a leasehold block of flats, or a development incorporating leasehold properties, could be reduced by 30 per cent, equating to a saving of £400 per household per year.

The company said leaseholders often pay thousands of pounds in service charges, yet do not necessarily see good value, with slow responses from agents, shoddy or expensive repairs and a lack of transparency and accountability.

Government statistics show there are 106,000 leasehold homes in the region, meaning leasehold property owners in the region could be paying an unnecessary £42 million a year, Urban Owners said.