A reserve fund held by the landlord or management company on behalf of the leaseholders can provide a distinct benefit.
Browsing: Service Charges
Property managers will provide you with a clear overview of what fees and charges will be due, what they cover and how they will be spent.
This question is asked a lot; from first time buyers to people who have owned many properties before but never within a managed development.
Non-payment of Service Charges is a breach of lease and should be taken very seriously- but what can, and what should, you do?
Anyone involved in the property management industry will be fully aware of the importance of financial planning.
When taking on the role of Residents’ Management Company (RMC) Director or Officer, many tasks that land at your feet may feel overwhelming.
We’ve put together a checklist to make sure you approach the situation in the best way possible and with the required knowledge of the law.
Everyone should know why they need to pay service charges, its usually written in the lease, which they signed when they bought the property.
Service charges are payable annually to cover the landlord’s costs for providing services and maintaining the common areas of the building.
If a landlord wanted to carry out major works to a block that would cost any one leaseholder over £250, all leaseholders must be consulted.