03/02/2025
Author : MaryAnne Bowring
The part of owning and managing a block of flats allows you to monitor the block finances and check the bank balances and arrears of the owners. So, you can easily figure out the areas where money is spent; besides, you can also spot the places where costs shall be decreased. The preparation of service charge accounts and company accounts is done on your behalf, ensuring they are accurate, compliant, and ready for review. This removes the administrative burden from your shoulders and reduces the need for external accountants, which can be expensive.
1. Set the Service Charge Budget you want to when you're in charge of managing your block of flats, you get to decide how the level of service charges and the service charge budget is set. You get to control how the money is being spent according to your priorities and the needs of the building’s residents. The self-management of the fund - which is determined by the residents and their needs - is, however, such, that it whether its primary function is replacing or repairing or its maintenance, insurance, or communal facilities, assists you to manage effectively according to the specific requirements of the block...
While working with the traditional managing agents, one can always receive the decision making from the agents without our notice. It can be the cause of higher costs or even non-essential services provided. In the self-managed system, you can be certain that every single penny is spent in the correct way. Budget freedom to look at and shift and then accept as required secures you to always be on the winning side with the handling of your finances.
2. Efficient Invoice Authorisation and Payments Online In the past, overseeing the receipts of a block of flats was a process that was quite likely to be long and full of paper work and communication with the professionals and suppliers going back and forth. But, with Service Charge Sorted, which is an online platform, you now can authorize invoices on the internet, send automatically an invitation to a second director to do the same, and have the invoice placed in the next BACS run. Paying invoices with Service Charge Sorted is as easy as online banking.
Once you have authorized the invoices through the internet, the next thing to do is to carry out the payment, by quickly checking the details, confirming the services rendered, and making sure that the amounts have matched the agreements. No more hunting paper files or waiting for the approvals from the managing agent. You have everything at your fingertips, and therefore, the whole process turns into a more efficient one, which will save you precious time and lower the risk of mistakes or disputes. Besides that, a streamlined system like this not only will you be able to keep a meticulous record of all the financial transactions but also will it be essential for both accountability and future planning.
3. Service Charge Payments Collected for you one of the most challenging parts of running an apartment complex is making sure that all of the tenants are paying their service charges on time. This process usually includes going after late payers, sending them reminders, and working out their disagreements. Nevertheless, when partnering with Service Charge Sorted (this is the creation of The Ringley Group, the top Managing Agents in the United Kingdom), these jobs are handled by the Ringley Law sister company a fully regulated. Solicitors practice. Thus nevermore you will have to resort to going to your neighbors to ask for money.
Service Charge Sorted is the platform, which does the job of collecting the service charge that is due, thereby reducing the amount of work it has to be done and ensuring that the payments are tracked and recorded properly. Ringley Law can take care of banking on your behalf, so, you will not have to face worries about sorting out the payments yourself. This professional service reduces many of the problems that come with flats management, providing peace of mind while also making sure that the money aspect is in order.
4. Companies House and Sales Paperwork Sorted Dealing with the legal stuff which usually goes with the management of a block of flats can leave you feeling pretty overwhelmed. Between filling up the forms and meeting the required standards, you will be engaged in heavy administration. The good thing is that Service Charge Sorted takes care of all the legal documentation for you, the entire process is now super simple and direct. For instance, Ringley Law shall look into Buyer's Solicitors enquiries which include service charge details and accounts when flats are bought or sold. Instead of having to deal with this on your own or rely on outside professionals, you can use the Service Charge Sorted platform which assures that every single thing is doing well. This minimizes the risk for the blocks and you will never again find yourself getting stuck in legal paperwork. In fact, instead of a flat owner who expects you to work for free, the selling flat will cover Ringley Law's fees.
Furthermore, Service Charge Sorted is entrusted with the task of filing the required annual confirmation statement at Companies House, which is compulsory for all property management companies. If not complied with, such a duty can lead to fines and possible problems with the property's legal status, like the freehold turning back to the crown if the Management Company is struck off the Companies Register. Together with Service Charge Sorted, this whole procedure becomes automatically and you have no stress and worries about the latest regulations as you are staying within the bounds of the law.
One of the other plus points of the self-management might be that you are certain of the adequacy and accuracy of your books. One of the scenarios when service charges are usually need to be prepared by a professional is when you are not an accountant. That is where an accountant fits in. Keeping tabs on the financial statements of the service charge and company is a daunting task. Luckily, Service Charge Sorted makes it very easy. The annual fee includes the preparation of the service charge accounts which start from £525 + Vat (£630) per year for up to 4 flats and the company accounts preparation, on the other hand, will be an additional of £60 + Vat (£72). One other benefit besides not having to hunt for an accountant, or gather the books, or worry if it can be late of the accounts and you forgot to serve a S20B Notice, is that the Service Charge Sorted team will help you make the finances clear and transparent. Furthermore, they will file these and send them to the service charge payers which are mandatory by law.
The platform is very well-structured and it provides all necessary materials that allow the tracking of your block’s finances. This definitely adds the ease of understanding where the money is spent and also cuts inefficiencies by flagging the areas where the costs can be reduced. Service charge accounts and company accounts are prepared for you, meaning that they are accurate, compliant, and ready for review. This waving away of the administrative duties from your shoulders and partly no need of external accountants who may be expensive.
5. Cost-Effectiveness It's possible that the biggest attraction for self-managing a block of flats is the reduction of cost. Hiring a managing agent could involve considerable costs, meaning the fees are in many cases in the thousands of pounds per annum. By assuming your own property management responsibilities, you can bring these amounts down to almost negligible levels.
Service Charge Sorted is the company that wisely offers a cheap and efficient solution as well as the more traditional management services. Their portal supports all the functions that are needed to oversee the financials, legal documentation, and invoicing, but still, it is much cheaper when compared to a managing agent. This will allow to reallocate the funds among the building which gives the service charges the best possible use.
6. Support When You Need it despite that the self-management has a plethora of pluses, it still carries with it some fear factor at times. This is when Service Charge Sorted steps in and offers you the necessary support at the right moment. Besides clarifying every property law detail, skilled are as well on hand to tutor you in the area of budgeting. They are a team of experts always available to be of help. Having a team to turn to for advice when you need it can boost your self-confidence in using your block and give you the peace of mind that you are managing everything for yourself. This support protects you are from the hassles of property management alone, which, in turn, shortens the whole process, making it more comfortable and more manageable.
Conclusion
Self-management of block of flats may be a very rewarding experience due to the fact that it brings more freedom of doing either the finances, budgeting, or legal requirements. Service Charge Sorted’s services, at the same time, being at your hand make the process much more convenient, therefore, all matter including service charge payments and legal procedures are always handled professionally and with higher assurance of a quick and smooth process. The capability of authorising invoices online, managing payments, and receiving expert support as well as a fraction of the cost of a managing agent makes Service Charge Sorted a vital one-stop tool for a property owner who wants to take charge of the block of flats. Ready to take the steering wheel, Service Charge Sorted is standing by to be the help that you need in keeping your building's management in order.
Thank you
