RICS has joined with The Property Ombudsman and an expert working group to develop a Block Management Sector Code for agents managing agents working in leasehold and commonhold property, and estates of freehold houses.
The Block Management Sector Code, follows on from the work to develop an overarching framework for all residential property agents based on the recommendations made by Lord Best in the Regulation of Property Agents, Working Group Report.
The Block Management Sector Code takes the principles set out in the Overarching Code and applies them to the conduct and behaviour of managing agents (as firms) and staff (as individuals). The comprises a framework for ethical and competent practice that is intended to provide clarity for consumers with regards to the role and responsibilities of managing agents.
The Code will apply to: