 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 2005 to 31st December
2005
Flats 1-30, High Street, London, NW8 OJN
| |
£ |
Building Insurance
Electricity
Gardening
Cleaning
Repairs & Maintenance
Management Fees
Accountancy Fees
Lift Contract |
6000
500
2000
2000
3250
3000
500
750 |
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|
|
|
| |
|
| Total |
18000 |
|
| |
|
Cost divided equally by 30 Flats in accordance with
lease terms. 1/30th of £18,000
Annual Service Charge due £600
Service Charge Collection
Residents 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.
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