Industry comment, updates and news from the Websters team.
Siobhan O’Dwyer of the Independent.ie notes that owner Managed Companies (OMCs) are increasingly facing a funding timebomb caused by service charge “won’t payers” who are deliberately avoiding their legal obligation, making a mockery of the legal system and causing great hardship for their neighbours. A sortfall of 15pc-25pc each year can, over a number of years, adds up to a solvency crisis, which threatens the OMCs.
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DWF reports that the decision in the case of Jean-Paul v L.B Southwark [2011] the Upper Tribunal (Lands Chamber) is a reminder to landlords to make sure that they continue to comply with the detailed service charge consultation requirements, as non-compliance can result in a drastic reduction in the amount that the landlord can recover from the tenants.
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This Is Money reports that confidence appears to be returning to the property market with an increasing number of home movers expecting house prices to be higher in 12 months’ time, according to findings in a survey. Eight of ten of those surveyed believed house prices would either be higher or at the same level a year from now.
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