Hard on the heels of the Housing Minister’s announcement in early June that he would not be introducing regulation of the private rented sector and managers of leasehold blocks of flats, Grant Shapps has now announced he will not be introducing the long awaited new accounting requirements that would have protected lessee service charge funds.
Under the provisions of the Commonhold and Leasehold Reform Act 2002 lessees’ money was to be held in separate designated bank accounts and lessees would have the right to automatically receive a full set of annual service charge accounts along with an accountant’s report.
Source: propertytalk Live!.