Our services include setting budgets and collecting service charges (not Ground Rents) and ring-fencing the building funds in a separate, unique ‘Client Account’.
We would arrange and oversee the necessary supply of services (including where appropriate but not limited to: buildings Insurance, cleaning, maintenance, landlord’s utility supply etc) and keep service charge accounts managed for submission via our internal accounts’ administration service (see note below) to the freeholders / leaseholders at an annual meeting.
Our role will include, where appropriate the following - (This list is not exhaustive:)
- Preparation of an Annual Budget for the Company and the Leaseholders;
- To agree and set Service Charges per leaseholder per year to meet the property’s needs;
- Collection of Service and Maintenance Charges as budgeted and agreed;
- Set up, receive, hold and use funds from within a designated client account in accordance with the needs of the property and the Company;
- Regularly review the R & M requirements of the property and to adjust budgets as deemed necessary;
- If applicable, arrange a common areas maintenance, cleaning service & waste management directly or via contractors;
- Appoint contractors and oversee any minor or major property maintenance projects as agreed with the Freeholder - and Leaseholders if appropriate, following Section 20 procedures where necessary;
- Arrange best value Building Insurance if necessary / required to ensure such is in place continually;
- Review Health and Safety matters as necessary and take action to mitigate any risks identified;
- Seek to ensure compliance by leaseholders with the terms of their respective leases and to report to the Freeholder whenever such terms cannot be enforced or are being ignored;
- Verify, approve and pay eligible invoices received in relation to Common Areas from available funds held in the designated account;
- Compile an annual accounts package if not handled externally (see below) for an additional administration fee – currently £140 - (charged to the Service Charge accounts).
- If needed, arrange for the drawing up of formal accounts with an appropriately qualified external practice – at the client’s cost - and to provide each leaseholder with a copy of the annual pack within a reasonable period after year end;
- Receive enquiries from Leaseholders and Interested Parties / Debtors on behalf of the Freeholder and respond to / deal appropriately with them in a reasonable time;
- Any other relevant role or activity considered necessary and accepted by us and, where appropriate, for an additional fee - if agreed to by the client and / or the majority of Leaseholders as necessary.
We require a certain number of basic documents to enable us to operate independently and thus to avoid undue necessity to refer to the Client for more information.
Documents required would usually include: Copies of all leases and the current register; a schedule of Ground Rents and any future variations provided for - but only IF we are to charge out such for our 10% collection fee; details of the Landlords’ Utility Provider if applicable / if already contracted and a letter of authority sent to them to deal with us in future; the Memorandum and Articles of Association of the Freeholder (if applicable); any pre-concluded service agreements (lift etc) or arrangements; any insurance policy in place at and prior to appointment; fire safety and asbestos assessment reports as / if necessary; a schedule of owners, addresses, contact information (email preferred).