Managing agents have professional expertise, experience, and qualifications in property management. They understand legal requirements, financial management, maintenance procedures, and dispute resolution. Self-managed blocks of flats, on the other hand, rely on the collective knowledge and skills of the leaseholders, which may vary significantly.
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A long leaseholder owns a leasehold interest in property for a long period of time. This tends to be from 99 years and upwards. They have the the rights to occupy and use this property, subject to the terms of the lease, which, if not a new build, will bind them to paying ground rent and service charges.
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A number of factors, including your unique situation, the terms of your lease or rental agreement, and the applicable rules and regulations in your community, may affect your legal duty to pay a property service charge. Property service costs are associated with leasehold properties, which include apartments or flats within a building. Their purpose is to cover the cost of common area upkeep and services, such as landscaping, repairs, and cleaning.
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If you've ever found finding the right property manager to be hit-and-miss, the good news is that a new block management code of practice is being developed to improve the service leaseholders can expect from their managing agents.
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Overview of the impact of the Fire Safety Act on service charges for flat owners.
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To ensure their properties are kept in good shape and to extend their life, landlords often referred to as the freeholder or competent landlords have to provide various services, these are funded by collecting service charges. Service charges are levied on the leaseholders sometimes also called tenants (tenant in this context means a tenant who holds a long leasehold interest under a lease) and fund the service charges thereby enabling landlords to recoup the cost of providing the services required to run a block of flats or a private housing estate: services such as cleaning, gardening, insurance, etc…. Service charges are the lifeline of an apartment block. Yet, poor management of service charges is at the core of most leaseholder-landlord disputes. It is also one of the biggest pain points regarding block management in the UK. When service charges are not efficiently managed, it can cause untold problems to your property as cash flow gets choked, and there is little money available for critical repairs and maintenance. When the problem persists, the property loses its charm and value.
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We recently introduced Blockcare 100, a virtual property management tool designed to provide online guidance and support for small blocks that prefer to self-manage their buildings. However, we understand that some block managers may not want to handle service charge payments or accounting themselves. That’s why we created Blockcare 300—a solution that takes care of the financial and administrative burden.
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