Independent contractor firm All in Property has called for code of conduct for contractors to support proposals contained within the new Mortgage Market Review (MMR).
Following the publication of the Mortgage Market Review, All in Property believes that guidance and regulation should be extended to ensure that costs and activity relating to properties taken into possession are transparent and fair. There remains a duty of care from a lender to the borrower to realise the greatest possible price when selling a property in possession and this will be affected by costs relating to a sale. Such costs could be fees charged by contractors which do not currently fall under any regulatory or voluntary framework.
All in Property has a nationwide team of contractors who provide lenders and asset managers with a range of building services for properties in possession. It argues that there should be a code of conduct to regulate the contracting section of the possession process that should adhere to a governing body.
John Boardman, managing director of All in Property, said: “With the MMR drawing attention to the entire spectrum of mortgage advice and management now is the perfect time to look at the contracting sector. We firmly believe in the professionalism of our industry but in order for that to remain we need to be wary of non professional contractors springing up
