Unfortunately, the property industry is awash with lots of technical jargon, which can confuse even the most intrepid flat owner. However, it pays to know a little about these terms, as more and more of us are turning to block management companies in order to more effectively manage our blocks - but what exactly is "block management?"
Quite obviously a block management company will help residents to manage the entirely of their block. Many residents, understandably, might find the idea of handing over the control of their block to a property company a little hard to swallow; however there are plenty of reasons why a block management company could really save you time, trouble and perhaps even a little money.
It's worth considering the range of activities that go into the effective Resident Management Companies London of flats:
Rent and service charge must be collected: it can be difficult collecting the ground rent and the correct amount of service charge in a block of flats. Let's face it, no-one wants to be the one to be the one who takes money out of their neighbour's pockets.
Maintaining a single property can be challenging, even for the keenest DIY enthusiast. So imagine the difficulty involved in taking care of maintenance for a whole block of flats, managing internal and external repairs, hiring contractors etc cost effectively and with the agreement of all the other residents in your block.
Even with the best will and intentions, living in close proximity with your neighbours can lead to all sorts of issues, whether they be emotional, financial, to do with the condition of yourblock. For instance, perhaps your neighbours are noisy, have pets they're not supposed to (i.e. they are in breach of their lease) or they are causing a general nuisance.
Still feel like managing your block? Well luckily a block management company can handle all these activities and more, no longer do residents have to go through a laborious decision process as to how much the service charge should be, or which contractors to hire, block management companies can help you with all of this.
Of course block management companies cost money, and with little regulation some managing agents should be avoided. With this in mind, in order to ensure that you choose the right management company for block, look for guarantees such as "cheaper than managing agents or your money back.
A member of the Royal Institution of Chartered Surveyors and of the Association of Building engineers, Mary-anne Bowring has extensive knowledge of building law and the Landlord Tenants Acts. She has recently launched the website https://uniqblockmanagement.co.uk/block-management-london/, the site offers step-by-step guides on topics including the right to manage, freehold purchase and lease extensions along with a host of other services free of charge.
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PROPERTY BLOCK MANAGEMENT AGENTS AND LEASEHOLDERS RIGHTS
Having established that statutory tenants' rights are critical to the residential block management process, they are also an important consideration for all of the leaseholders affected. Some of these rights are now briefly summarised below.
Leaseholders have specific rights to receive certain information from their landlord or property block management agents including as follows :
· The landlords name and address.
· Property service charges and the right to challenge them
· A summary of costs for the last service charge accounting year
· A summary of tenants' rights and obligations
· Freeholder or block property management agents administration charges
· Receive notice of assignment of the freehold.
· A written summary of the current insurance buildings insurance costs which must be reasonable
· Other tenants rights include various entitlements to
Form a Recognised Tenants' Association
challenge their liability for any part of the service charge they feel is unreasonable, vary a lease on certain specific grounds, consultation on certain qualifying works and long term agreements, arrange for a management audit of all the management functions, inspect the insurance policy and to receive information about it, appointment of a manager by a LVT if tenants believe the block is poorly managed or the landlord cannot be found
take over the property management of the block of flats themselves
Right to Manage or RTM - subject to qualifying criteria
leaseholders may appoint block management agents under the Right to Manage (RTM) provisions
apply to the county court to acquire the landlord's interest - only applicable in extreme circumstances where the landlord is in breach of its obligations
enfranchise or extend their lease
first refusal on disposal of a block of flats or freehold
security of tenure at the end of a long tenancy
As you would expect, the above list is subject to conditions exclusions, qualifying criteria and exceptions however it is hoped this will serve as a good point of reference for further reading.
The key to properly addressing the above legislation is to employ the services of a good property block management agent.
The RICS Service Charge Residential Block Management London Code sets out what is regarded as best practice for property management agents in the private residential leasehold sector. It also highlights any legislative requirements that block managers need to comply with and adequately covers requirements to comply with the above statutory rights.
The services of any practising managing agents should therefore meet the standards set out in this code. If not, questions should be raised and he leaseholders, landlords, RTM's and freehold property companies might well be concerned.
There are of course always those management agents or freeholders who will simply refuse to take effective action or responsibility for quality standards and are happy to muddle through. Wherever possible you should avoid these firms.
Staff are often poorly trained, not fully aware of codes of practice and standards, and are not always sufficiently qualified or experienced to meet clients' needs.
In instances where leaseholders are intending to apply their rights and wish to pursue some of their entitlements it is essential that the property manager is experienced and well informed. Problems and expensive liabilities can soon arise if these rights are not properly attended to..
Additional information concerning lease management legislation and statutory rights can be found online and through the links in the Resource Box below.
VFM block property management agents is an estate property management company providing residential property management services for blocks of flats, apartments and private estates
VFM's block management service standards are unique in their application and are Regulated by RICS.
For further information and advice regarding the management of residential freehold and leasehold blocks of flats and apartments and associated property estate management activities please contact VFM directly or visit their website by clicking one of the links above..