Industry comment, updates and news from the Websters team.

Service charges timebomb is now ticking

Wednesday, May 16th, 2012 in Commercial, Landlord, Managing Agent, News, Residential, Service Charge

Siobhan O’Dwyer of the 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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