If you’re a leaseholder, you probably get your service charge bills like clockwork. But when it comes to seeing where your money actually went? Silence.
Under the Landlord & Tenant Act 1985, managing agents are legally required to provide finalised accounts within 6 months of the year-end.
Think about that: 40 years ago, accountants did this with paper ledger books and calculators. Today, with modern accounting software, some agents still take years to balance the books.
Why this is a massive risk to you:
- It hinders home sales: If you want to sell, buyers and mortgage lenders will demand the last 3 years of accounts. No accounts can lead to delays and/or a retention for unexpected bills.
- Surprise Deficit Bills: You could suddenly get hit with a massive “catch-up” bill from years ago because the agent finally got around to reconciling their data.
What you can do about it:
- Put them on notice: Write to your agent and Freeholder/RMC. Remind them of the 6-month legal limit.
- File a formal complaint: Trigger their internal complaints process to create a paper trail.
- Go public: Leave an honest review on Trustpilot or Google. Agents hate public reputational hits and usually move fast to resolve them.
- Get backup: If they still ignore you, seek professional help.
At Rightly Managed, we help leaseholders understand, navigate, and challenge their service charges. If your agent is dodging your questions or failing to provide accounts, you don’t have to deal with it alone.
Drop us a message today or visit our page to see how we can help you get the transparency you pay for!