What is a Leasehold Property Managing Agent?

At times the landlord undertakes the management of the property himself.

Alternatively, a managing agent can be appointed who manages and maintains the building on behalf of the landlord, in accordance with the terms of the lease, current relevant legislation and codes of practice.

The managing agent takes instruction from the landlord, not the leaseholders, and is constantly be aware of the leaseholders’ wishes and needs.

The agent receives a fee, usually be paid by leaseholders as a portion of service charges. This can be based on a certain percentage of daily service charges, yet usual and good practice is for it to be a fixed annual fee.

When major works are involved, the agent can charge an additional fee, normally a percentage of the total cost of such works.