What is the service charge for? Service charges are related only to the communal areas of the property, like staircases, entranceways, corridors, and outdoor areas, and are separate from costs incurred to maintain an occupant’s own property. The managing agent or responsible person in a block will issue the service charge typically every year. If …
What is a service charge? A service charge is an amount payable by a leaseholder or tenant, that contributes towards repairs, service, maintenance, general improvement, insurance, and management costs overseen by the freeholder, or managing agent. If you are unsatisfied with the service charge you are paying, get in touch for advice.
What is the point of a reserve fund? A property with a healthy reserve fund is ultimately preferable to both occupants and the managing party. This is because, in the event that major works are required in the property, a large portion, if not the entirety of the cost will be absorbed by the reserve …
What is a reserve fund? Typically included as part of the service charge, a reserve fund (also known as a sinking fund), is a fund that is set up by the freeholder or managing agent which sets aside a set amount of the service charge that will be used to cover large projects and repair …
What is the Right-To-Manage? RTM grants qualifying leaseholders the ability to take over the management of their property if they feel the current management arrangement is insufficient. RTM was first introduced through the Commonhold and Leasehold Reform Act 2002 and is a significant right for leaseholders and can be exercised by long leaseholders. Using the …
What is a leaseholder? The leaseholder rents the building from the freeholder for a specified amount of time, typically a lease lasts for 99 or 125 years, but can be longer and can be extended. If you are unsatisfied with the management of your block, find out how you can switch managing agents as a …
What is a freeholder? The freeholder owns the land on which the property is built. When the freeholder leases out the property, they are considered the landlord of the property. If you are unsatisfied with the management of your block, find out how you can switch managing agents as the freeholder.
Leaseholders and occupants of a block or estate are required to make different payments for items such as a service charge, ground rent, and potentially, a sinking fund. These payments are quite common amongst many types of blocks and estates, so leaseholders and occupants should be aware of what they are. Service Charges A service …
What is a service charge? Service charges are an amount payable by a leaseholder or tenant, separate from ground rent, that goes towards repairs, service, maintenance, improvement works, insurance, and management costs overseen by the freeholder, or managing agent. Service charges apply to the communal (shared) areas of the property, leaseholders and tenants will incur …
Becoming the Director of an RTM (Right-To-Manage) Company With the number of apartment buildings and estates in the UK, each with its own respective issues and concerns, the need for more cost-effective, and convenient management solutions is more relevant now than ever. This is why the Right-To-Manage system is such an important option for leaseholders, …