If you live in a block of flats, you’ll know that service charges are the lifeblood of the building. They pay for everything from insurance and cleaning to repairs and long-term maintenance. But what happens when some leaseholders don’t pay? Sometimes it’s a case of can’t pay – genuine financial difficulty.
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Life in a leasehold flat isn’t always simple, especially when the lease itself has problems. Some leases leave out key clauses, like how to recover certain costs through the service charge. This can leave freeholders, resident management companies, and leaseholders scratching their heads – and sometimes fighting about who should pick up the bill. In this blog, we’ll unpack what happens when a lease is defective, whether the freeholder has to pay, and how shortfalls are handled when a freehold or residents’ management company is in charge.
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Running a block of flats in the UK isn’t always straightforward. When the roof starts leaking or the outside needs repainting, the costs can be huge. Normally, the money for this comes from the service charge or the reserve fund (if there is one). But what happens if there isn’t enough money saved up, or if the lease doesn’t allow for certain costs? In this blog, we’ll explore the options, the legal angles, and what leaseholders and management companies can realistically do.
If you live in a leasehold flat or help run a residents’ management company, you’ll know that service charges are often a hot topic. But what about planning ahead for the big stuff? That’s where a capital expenditure plan, or CapEx plan for short, comes in. It might sound like jargon, but really it’s just a fancy way of saying: a plan for the big repairs and replacements that will come up over time. In this blog, we’ll look at what a CapEx plan is, why it’s useful, and how it can make life easier for everyone in the block.
If you own a flat in the UK, you’ve probably come across the words ‘service charge’ and ‘reserve fund’. These two things are part of everyday life in leasehold blocks, but they can feel a bit confusing. What’s the difference between them? Should they be kept apart? And what exactly can a reserve fund be used for? In this blog, we’ll break it down in plain language so it all makes a bit more sense.
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Having a flat in the UK means you have to deal with all kinds of special rules when it comes to being a property owner, or leaseholder. For many leaseholders (referred to as tenants under landlord and tenant laws), the service charge and the management arrangements are often contentious.
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If you live in a block of flats, you’ve probably groaned at the sight of your latest service charge demand. Many leaseholders think, *“Surely we can do this better ourselves?”* On paper, self-managing your block sounds like a great idea. No managing agent’s fees, more control, and the comfort of knowing money is spent wisely.
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Upon the online approval of your invoices, you will be given the opportunity to know the details and verify the services provided as well as the amounts stated to be matched with the agreements. This means no more files to rummage through looking for a paper or waiting for the managing agent who is responsible. All necessary steps are at your disposal, and the whole process goes faster, thereby saving you time and precluding misunderstandings, mistakes, and disputes. In addition to that, the paperless processing allows you to have a clear record of all past financial transactions that can be used both in accountability and future planning.
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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.
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London's property landscape is characterized by the blocks of flats it contains, and that varies from the grand Victorian conversions to the contemporary apartment complexes. These buildings are not only places of living but also investments, which demand meticulous care. Nevertheless, managing a block of flats in London is a challenging task. The challenges are very high, from strict safety regulations to solving the disputes of the residents, so only people with expertise can handle them. Let's see how managing agents can facilitate the process of operation which is mainly for smaller buildings which are run by private individuals.
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