Residential Block Management ...continued

Regardless of value all property owners rightly expect the same level of high quality, professional property management.

Our ‘Management Checklist’ will ensure that you have covered all the matters that are your responsibility. It also explains how we can help you with clear, impartial, expert advice.
A successfully managed block will ensure that the capital value of flats of individual lessees’ is maintained. We will manage the property legally and economically, with income and expenditure in safe hands.
We give you clear, impartial and expert advice
• are required to act in your interest
• have to update our skills and knowledge throughout our careers, so you can rely on our expertise
• are regulated with strict codes of conduct to protect you – including Professional Indemnity Insurance
In addition, you are further protected by a Complaints Service and a “Clients money” protection scheme administered and regulated by the RICS.
Professional property management is complex and requires an understanding of the law to do with major works and accounting, for example.

We will set out our management fees and level of service and provide written confirmation of the terms, conditions and costs.

The agreement will usually include:

• Collecting service charges from leaseholders and preparing and submitting service charge statements
• Paying for general maintenance, service contracts, staff wages, insurance etc. out of funds provided, and ensuring that service charges and all outgoing money is used in accordance with the terms of the lease and the law.
• Producing annual spending estimates, calculating service charges and reserves, as well as administering funds and providing information for accountants.
• Drawing up and circulating service charge accounts and supplying information to leaseholders and any residents’ associations. This includes dealing with accountants.
• Engaging contractors to provide and overseeing staff such as caretakers, gardeners and cleaners.
• Arranging and managing contracts for services such as lifts and boilers.
• Visiting the property to check condition and deal with minor repairs. An appropriate frequency for visits will be agreed.
• Subject to time and budget, handling general management enquiries from leaseholders.
• Keeping records on tenancies where the lease requires.
• Advice as required on day-to-day management.

We also undertake the following additional services, which are, outside the scope of the basic fee.
• Drawing up specifications, obtaining tenders and supervising technically complicated and substantial repairs or works.
• Preparing ‘statutory notices’ and dealing with consultations where the Landlord and Tenant Act expenditure (as amended by Commonhold and Leasehold Reform Act 2002) are to be exceeded.
• Arranging health and safety and fire risk assessments.
• Attending Courts and tribunals.
• Preparing replacement cost assessments for insurance purposes.
• Considering and advising leaseholders’ on applications for alterations on behalf of the freeholder.
• Preparing ‘schedules of dilapidation’ for commercial property or condition for individual dwellings.
• Copying documents, insurance policies and accounts.
• Employing and working with other advisors.
• Giving information to vendors of the leaseholder interests in the individual dwelling. Answering enquiries from prospective purchasers legal advisors.
• Answering lessees’ queries on pre-contract enquiries.
• Arranging accommodation for meetings.
• Working outside normal office hours.
• Advising on termination and handover of management and service contracts.
• Carrying out duties of a company secretary or director of a freehold company.
• Recruiting and employing staff based on site
• Undertaking additional duties with a landlord as required, under ‘Right to Manage’.
• Advising on and dealing with long term maintenance plans.
• Any other activities not outlined above.

Managing property and the law
In legal terms, managing residential blocks of flats is not the same as managing a private home. There is a requirement to comply with all relevant, statutory regulations such as The Landlord and Tenant Acts which form the basis of leasehold legislation in England and Wales. The Leasehold Reform and Housing Urban Development Act which brings in the right to enfranchise on a collective basis. In addition, residential long leaseholders are able to purchase a lease extension as well as giving leaseholders other management rights. The Commonhold and Leasehold Reform Act, which improves the rights of leaseholders/freeholders and offers greater control over the management of their property. It provides for freedom of choice in the management of property and has strengthened the law surrounding leaseholders’ rights.