Residential Block Management
Budgets for the year
Just before the next service charge is due, we will produce a detailed service charge budget outlining all the estimated costs of your block for the year. This will include all items from building insurance to repairs and maintenance and will also show how the annual cost to each resident is calculated. A small example block of 30 flats is detailed below.
Budget for the period 1st January 2012 to 31st December 2012 Flats 1-30, High Street, London, NW8 OJN
| Building Insurance
Electricity Gardening Cleaning Repairs & Maintenance Management Fees Accountancy Fees Lift Contract |
£6,000 £500 £2,000 £2,000 £3,250 £3,000 £500 £750 |
| Total |
£18,000 |
Cost divided equally by 30 Flats in accordance with lease terms. 1/30th of £18,000 Annual Service Charge due £600
Service Charge Collection
Leaseholders are obliged to pay their service charge strictly in accordance with the terms of the lease to their flat. This will usually be annually, half yearly or quarterly. However if the residents association are in agreement some or all the residents may be allowed to pay monthly.
Where does my money go?
For large blocks your money is paid into an independent bank account completely separate from other properties we manage. Smaller blocks share a central client account. At the end of the financial year to each block our firm or an independent accountant produce an income and expenditure statement which outlines the total service charges received for the year against the total expenditure. At the bottom of the statement it will clearly show how much money is left in the service charge fund. This is strictly in accordance with the Landlord & Tenant Act.
Repairs & Maintenance
Our team of Property Managers and associated staff are only a phone call away to attend to any maintenance problems which may arise. They have a countrywide selection of specialist plumbers, electricians, roofers and drainage experts together with a highly experienced team of building surveyors.
Residents Meetings
Our Property Managers will attend Residents meetings on a quarterly basis to discuss any issues relating to the property. We will also attend Residents Annual General Meetings and invite the cleaning and gardening contractors to attend for an open floor discussion.
Call Sinclair Property today on 01727 742968 or contact us at [email protected]
