ARMA: Why Our Membership Is Important To You
17th Sep 2018
With over four million leasehold properties across the UK alone, and service charges costing leaseholders billions per year, the need to protect consumers from the small minority of rogue agents within the property management industry is at an all-time high. The residential leasehold sector is unregulated, meaning that anyone can set up their own business as a managing agent without the relevant experience or qualifications. This is one of the reasons why we have recently become a member of ARMA leasehold
What is ARMA Leasehold?
ARMA is the leading association for Residential Long Leasehold Management. They help members to set high and professional standards through accreditation, guidance and training. When you see a managing agent bearing the ARMA logo, this means you can expect high professional standards and service that meet the ARMA Consumer Charter and Standards.
Why use an ARMA managing agent?
Whether you are a leaseholder, residents’ management company, developer, landlord or freeholder, you can be confident that we will adhere to a professional set of standards aimed at consumer protection and best practice in all areas of property management.
As a member of ARMA leasehold, you can be confident in the following:
- We have the correct professional experience.
- We have the ability to provide accounting facilities that include budgeting, service charge and year end accounting.
- Your service charge payments are being held both legally and safely in trust as legally required.
- The security of independent redress, meaning any dispute will be handled with integrity.
- We will help you to understand your rights and obligations.
We are required to:
- Adhere to a set of more than 180 professional standards specifically aimed at leasehold management.
- Comply with RICS Service Charge Residential Management Code, being subject to an audit every 3 years.
- Have thorough knowledge of relevant Landlord and Tenant legislation.
- Belong to one of the following Government approved redress schemes: Ombudsman Services: Property, The Property Ombudsman or Property Redress Scheme.
- Operate a published complaints procedure.
- Have Professional Indemnity Insurance covering you against inadequate advice
ARMA accreditation is a voluntary process, showing that we commit to providing the very best service. By subscribing to the ARMA codes of conduct, we are helping to raise standards within a self-regulated industry.
To find out more about ARMA, visit www.arma.org.uk