There are many factors which contribute to leaseholders wanting to change their property management company, the main reasons are the quality of service received and costs increasing due to poor controls. Below we will explain how to change your managing agent.
We have gone through the options for how to change your managing agent. See some of our case studies for examples of our work. We have also published some examples of our clients bulletin boards, resident handbooks etc.
It all depends how your lease is structured
1. Tri-Party Lease – Three parties, the freeholder/landlord, the management company and the first leaseholder/property owner.
The management company is responsible for appointing the managing agent. Normally all leaseholders become members of the company when they purchase their property. There will be a board of directors who will instruct the managing agent on all matters. You can find out who they are by carrying out a search at Companies House. If you become a member of the board then you have the opportunity to made decisions and influence the board to re-tender the management contract. You should contact your current managing agent and tell them that you would like to become a director of the management company. Ask them to send your request to the current board of directors.
If you do not wish to become a member of the board then you must convince the current board to re-tender the current managing agent’s contract.
2. Two-Party Lease – The freeholder/landlord and the first leaseholder/property owner.
3. Tri-Party with Managing agent named in the leases.
Three parties, the freeholder/landlord, the Managing Agent and the first leaseholder/property owner. This is common in larger developments. There is often a clause written into the lease to exit the agreement. We have written another article about managing agents written into leases.
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