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What’s in a name?
A lAsting legAcy
Jargon Buster LEAsEhoLd EnfrAnchisEmEntLeasehold enfranchisementistheprocess whereby flat owners can extendtheirlease or buy the freehold to their property within certain guidelines established in leasehold law. Alex Greenslade: committed to professional excellence
ALEP’s 150-plus members are firms of surveyors, solicitors, intermediaries and managing agents with a proven track record in leasehold enfranchisement. ALEP has also recently introduced membership for barristers and is keen to attract more to its membership during 2013. Members benefit from enquiries from flat owners via the ALEP website and are offered significant cost reductions for the two conferences held every year. ALEP also hosts a range of more informal networking events, such as the increasingly popular seasonal drinks reception in early December, an annual golf day in Autumn and other ad hoc events such as the Fifth Anniversary Dinner held in February and a very enjoyable race day at Kempton Park in 2011.
In order to become ALEP members, firms must commit to superior professional standards, integrity, quality customer service and a high level of market knowledge. They have to prove that they have reached an agreed standard of competence by submitting details of their experience in enfranchisement matters such as lease extensions for individual clients and freehold acquisitions for whole blocks. They are also asked to provide details of two referees (one a client and one a professional working in the sector) and both are contacted to verify the prospective member’s claims. The Executive Committee ratifies applications on a monthly basis.
ALEP takes the issue of expertise very seriously; on renewal firms are expected to declare that they have completed a sufficient level of work in this field (i.e. that the main person doing this sort of work has not left) and to provide a copy of their current professional indemnity insurance certificate. If an applicant does not yet have the requisite level of experience and is unable to join, they are encouraged to attend our events, which are all open to non-members and to re-apply once they have gained sufficient expertise in this field.
Once organisations join ALEP, they can use the ALEP branding on their own marketing material such as brochures, company website, etc. and they are listed on the ALEP website so that they can receive enquiries in their local area.
Membership of ALEP acts as a badge of assurance, so that flat owners and freeholders can be confident that they are employing professionals with the right level of experience in handling potentially complex transactions. They can be confident that any member of ALEP will be experienced and competent in matters related to leasehold enfranchisement; in particular lease extensions and freehold acquisitions.
Anna Bailey is very excited about the growth and success of the organisation: “Having started with a core membership of around 20 members back in 2007, we have grown the organisation to more than 150 member firms. Many practitioners who previously only spoke to their peers over the telephone whilst negotiating complex transactions now meet on a regular basis at our conferences and other more informal events. Members were somewhat reticent in the early days of ALEP to share knowledge and personal experiences – and difficulties they had encountered – but are now far more willing to share such information, with active debate now commonplace in ALEP.”
ALEP also plays a vital role in informing the public about leasehold matters and is a regular exhibitor at the Landlord & Letting Show, where members speak directly to the public with a view to demystifying the issues surrounding leasehold properties, which can often be very sound investments. ●
For further information about ALEP, telephone 0845 225 2277 or visit www.alep.org.uk Find ALEP on Twitter at: twitter.com/alepofficial
