Setting an Annual Budget and review to ensure the Service Charge is keeping
pace with the expenditure, this also allows any surplus money at the end of the
financial year to be added to the Sinking Fund.
Service Charges are paid into a separate bank account under the Management
Company’s name. We find having individual accounts for each Management Company
allows us to ascertain quickly if any member is falling behind with their payments. ln
addition, if any member contacts us to request an up-to-date balance, this can be
carried out within a few minutes.
Accounts are made up dependent upon the size of the complex. We prepare Dormant
Accounts for filing with Companies House for complexes with ten units or less, a
simple income and Expenditure Account would also be produced and circulated to all
members. When a property is sold, the Solicitors are happy to accept the income and
Expenditure Account. On larger complexes, we would recommend employing a
Chartered Accountant to produce a full set of accounts.
lnsurance is arranged for all complexes. Buildings lnsurance, which covers the
external envelope of the building. Public Liability lnsurance, this is required for
complexes where we look after external communal areas only. Officers and
Directors lnsurance is also arranged, this covers the Directors that run the
Management Company for any liability, a Managing Agent is merely a servant
of the Management Company and will not be liable for anything that goes
wrong within the complex. As we run over 60 complexes, we are able to offer
very competitive rates for all insurances from our broker; these rates would be
passed onto the company with no mark-up added.
We visit each complex three times a year. After each visit, we would point out
any concerns or recommendations in respect of compliance to Fire Regulations
of internal communal areas and the general upkeep of both internal and
external areas.
We liaise with Solicitors in respect of the completion of all relevant legal forms
when a property is either sold or remortgaged.