What Is Property Block Management
There are many facets to property block management with services ranging from accounts
, service charges and financial control to lease management, insurance, building maintenance and repairs. Freehold and landlord services are also required such as answering enquiries from solicitors during property sales and providing company secretary duties and advice to help run freehold property management companies. Additional support services such as surveying and project management can also be offered to supplement the core services to meet clients needs.
Why Do Residential Freeholders Need A Managing Agent?
Significant growth in the number of new developments of blocks of flats has increased demand for professional advice in the specialist field of residential freehold block management.
Residential property management of a freehold block of flats is a largely hands on and time consuming process. In addition to specialist knowledge of the extensive legislation and regulation, it demands significant effort, time, organisational skills and care. The block management agent is therefore increasingly in demand to assist freeholders, landlords and property management companies in carrying out the necessary duties in looking after freeholds and protecting their interests.
Building Repairs and Maintenance
The block management agent should arrange for the building fabric to be regularly inspected, maintained and redecorated to the required standards as set out in the lease. Cyclical maintenance must be implemented at the required times to meet current regulations requiring specialist property management input. Assessment of any necessary work or repairs may require inspection and professional expertise. Monitoring and approving the finished job may demand a qualified surveyor. Work will not always be properly executed and some members or lessees may well refuse to meet the costs at the expense of the property management company service charge account. Understandably payment problems and disputes over finances can cause friction amongst freeholders and leaseholders as well as placing pressure on available reserves and cash flow.
Robust systems must be put into place by the block management agent to plan and smooth the way forward. These management company procedures are essential and should include estimating and collecting monies required for works and services.
Service Charges and Accounting
The freehold block manager will need a full understanding of how the lease permits the maintenance charges to be raised, in advance or arrears. Arrangements must also satisfy current property services legislation covering service charges. It is a requirement that there must be sufficient accounting procedures in place to provide final accounts and the annual statutory summaries to the leaseholders. There is a need to distinguish between the financial affairs of the service charge account and that of the freehold property management company or landlord.
The block managing agent is responsible for ensuring that accounts are clearly defined, protecting leaseholder funds in a suitable client account for the sole purpose of maintenance and management of the freehold property in accordance with the lease and statute.
Lease Management and Compliance Procedures
Other block management duties cover lease compliance issues. Restrictions and obligations must be enforced where a resident is in default of his or her lease. This could be anything from non-payment or arrears of rent or service charges or breach of a clause of the lease for noise disturbance or nuisance. Management agents can provide important advice in resolving such matters. After all it can be difficult to challenge neighbours effectively. Freehold resident management companies may well feel uncomfortable taking legal action against a fellow leaseholder and consider such actions would be better carried out by an independent block management professional.
Using its wealth of experience, a block management agent must therefore deal with the various issues and problems that might arise helping to facilitate more efficient lease management and compliance procedures. It is clear that block property management services can prove immensely popular with time pressed landlords, directors and leaseholders of freehold management companies. However the landlord or freehold management company must choose carefully to avoid a sub-standard and unprofessional experience.
So if you still consider that you can manage your block of flats without a specialist block management agent then it is clear that commitment will be key.. Many freehold management companies of course take the easier option and choose to employ professional help.
The Advantages of Employing a Property Block Management Consultant
Through the application of a broad range of skills, the freeholders managing agent can secure added value for both the landlord and leaseholders. However landlords and residents seeking out the benefit of these services should beware. Not all of those block managers out there are properly qualified and many operate to standards which fall well short of that expected.
Any competent professional acting on behalf of landlords, freeholder or resident management companies should be properly qualified and experienced to do so. It is easy to check a firms credentials and the seasoned professionals in the property services market are usually very pleased to confirm their expertise.
Regulation of Property Managing Agent Companies
For residential property services, the block management landlord should seek out the benefit of those managing agents who are Regulated by RICS (The Royal Institution of Chartered Surveyors). If block management firms are not RICS qualified, or Chartered Surveyors, then as a minimum, a decent freehold managing agent should, be a member of ARMA (Association of Residential Managing Agents).
The competent block managers services should comply with the RICS Service Charge Residential Management Code. In addition however, RICS members are subject to further controls and scrutiny from their institute for the benefit of clients. These extra regulatory measures help safeguard service charge monies for freeholders and leaseholders and provide security and peace of mind to all involved.
Where can I find a quality block management firm?
Additional advice and support may be obtained from specialist advisers who provide property management and residential freehold property services for blocks of flats.
by: Alex
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