Tower Hamlets MP launches campaign against property management rules

By Rob Virtue on December 12, 2013 10:51 AM |

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Calls have been made to overhaul regulations which are allowing leaseholders to be "ripped off and exploited by unscrupulous property management companies".

Poplar and Limehouse MP Jim Fitzpatrick called a debate in the House of Commons last week urging the Government to act in light of ongoing issues in luxury tower blocks on the Isle of Dogs.

The MP said two towers, Canary Riverside and 1 West India Quay - the development on top of the Marriott Hotel - were particularly pressing.

He said the greatest problem was for leaseholders struggling to impose the right to manage their own estate.

"I have two high-profile cases running at the moment: one on the Canary Riverside development and one on the West India Quay development," Mr Fitzpatrick told MPs.

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"Both involve companies owned by the Yianis Group and are operated by Octagon Assets. They are in major disputes with residents, who have real problems in getting their situations resolved.

"The right to manage estate ballots procedure is very complex, especially where there are absentee owners who are sub-letting and it is also very expensive."

Mr Fitzpatrick said disputes across the country were a growing issue, but particularly in Tower Hamlets with the large amount of new developments springing up.

"I have had a number of cases in my constituency of Poplar and Limehouse in the past 16 years involving people in very expensive properties; professional and qualified individuals, residents who paid large sums of money for the homes that they inhabit," he said.

"They are being ripped off and exploited by unscrupulous property management companies and individuals who have spawned these management companies."

Yianis Group declined to comment and The Wharf was unable to contact Octagon Assets by the time of going to press.

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