July 20, 2024

OFT announcement on exit fees not as “substantive” as we all hoped … oh, and the timing has “slipped”

OFT website outlining the agreement is here

When the Office of Fair Trading finally says something about the issue of exit fees, it won’t be concerning the whole leasehold sector but only one single company.

This information has been given to a Campaign against retirement leasehold exploitation / LKP activist in an email from one of the OFT’s bureaucrats.

“… we had hoped to be in a position to make a ‘substantive announcement’ in August.  I should clarify that the planned announcement relates to the outcome of an OFT investigation of one of the firms we have been actively investigating … For the avoidance of doubt, the planned announcement does not relate to the publication of a report.

“Unfortunately the anticipated timing of the announcement has slipped and we now hope to make the announcement in early September.”

The official adds: “I appreciate that this remains a pressing matter for those leaseholders and other interested parties who are affected.”

The OFT has spent three years on this “pressing matter”.