Managing agent Peverel settles out of court

News Category: Industry News

The largest ever leaseholder tribunal case between managing agent Peverel – owned by the family trust of property tycoon Vincent Tchenguiz – and London’s St George Wharf Residents’ Association has been settled out of court for an undisclosed seven-figure sum.

Urban Owners, which helps leaseholders acquire the Right to Manage and take over the running of their block from a managing agent, said the case has highlighted the “huge abuses that are endemic within the property management industry” and the urgent need for greater transparency.

Steve Wylie, director of Urban Owners, said: “The St George Wharf versus Peverel case illustrates why it is essential to ensure leaseholders are fully informed on what is happening within their development and the impact this may be having on their service charges.  
 
“Urban Owners is lobbying for simple changes to service charge account disclosures, which will bring this information to the attention to leaseholders and help them decide whether their landlord or managing agent is levying reasonable charges.
 
“I hope this case highlights for leaseholders how large the level of unreasonable charges, commissions and the use of related group companies for financial gain can be and that it will act as a catalyst for leaseholders to take control of their block through the Right to Manage legislation.

“Managing agents and landlords need to place leaseholders’ interests at the heart of what they do and treat leaseholders as clients, not as cash machines for their own benefit.”
 
 



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