Leasehold Debt Recovery are delighted to announce the launch of an exciting and innovative feature of its services, and one which will provide all managing agents, resident management companies (‘RMC’) and right-to-manage companies (‘RTM Co’) with equal access to a high-quality debt recovery service entirely free of charge!
You will probably be familiar with the ‘No Win, No Fee’ services which many debt recovery and legal firms offer to their clients, and these are understandably attractive as they stand to limit the potential liability of the client if their actions are unsuccessful. This attractiveness is further enhanced in the leasehold property sector with many leases making provision for the costs of debt recovery to be paid by the debtor, thus meaning that even when there is a fee to be paid it is often at no cost to the client, however it is frequently necessary for such a provision to exist within the lease or for other terms to be met before this service is offered. What about those cases then where the lease doesn’t make such a provision for costs or where such other terms are not met? Who pays for the costs of debt recovery in those cases?
It is increasingly common for the management obligations at a development to fall upon companies such as an RMC or an RTM Co where the members of the company are the leaseholders themselves and where the only means that the company has of generating revenue is from the leaseholders and its members, usually through regular service charge contributions. For companies such as these, if debt recovery costs cannot be recovered from the debtor then the burden for such will inevitably then fall upon all the leaseholders or members, individuals who will presumably have already paid their service charges on time and who were not expecting to be liable for any additional costs. At Leasehold Debt Recovery we do not think that this is particularly fair and we have therefore devised a solution whereby if we don’t recover our fees from the debtor then we will waive them rather than passing them on to our clients. We won’t insist on the lease making provision for the recovery of our fees or for any other terms to be met – quite simply, if we don’t recover our fees then we won’t pass them on. Now we can’t really say fairer than that, can we?
If you and your clients are interested in taking advantage of this service then we want to speak with you – you can call us on 0113 871 5851 or send an e-mail to us at info@leaseholddebt.co.uk and we will be more than happy to discuss your requirements with you.
We look forward to hearing from you!
NW
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