1 | 2 | 3 | 4

Residential Block Management

Residential Block Management

Freehold Management Services Ltd, is Plymouth’s leading residential block management firm specialising in leasehold property managing services for Developers, Landlords, Residents Management Companies (RMC’S) and Right to Manage Companies (RTM’s) throughout the South of England.

Using our wealth of experience we are proactive in solving any issues with your block property management requirements. By creating tailored monitoring and maintenance schedules we will ensure your property asset value is retained and upheld. You will benefit by using our comprehensive professional service with the latest accounting and budgeting software, which can report on every factor of your property management and maintenance.

Freehold Management Services Ltd ensures transparency with all fees and arrangements, promoting trust and clear communication between all parties involved in the managing of the property.

Regulated by the RICS, members of ARMA and The Property Ombudsman, you have the guarantee and assurance of our professional, high quality services and we will always operate in accordance with the RICS Service Charge Residential Management Code of practice.

Freehold Management Services Ltd offers a full Residential Block / Freehold Management Package, which includes the following services:

Company Bank Accounts.

We will open two specific “Client Trust” bank accounts for your company / property (Service Charge & Sinking/Reserve), keeping your funds completely separate from those of Freehold Management Services.  Both accounts will be reconciled on a monthly basis and all receipts and outgoings accounted for on the monthly client statement, which is either sent to the designated director / person or promulgated on our on-line portal.

Collection of Cyclic Costs.

These are the day to day costs involved in the operation of the building as a whole and include such items as agency costs, communal electricity, company house return fees, bank charges and, where necessary, gardening and cleaning of communal areas.

Credit Control.

Once instructed Freehold Management Services Ltd will discuss and agree the way in which funds will be collected on behalf of your company / property.  Please be assured that Freehold Management Services will always adhere to the provisions as stipulated within your lease, as different buildings and associated leases have varying policies. To assist in Freehold Management Services transparency policy, all client management and leaseholder account statements are promulgated to our on-line portal on a monthly basis.

Service Charges.

Freehold Management Services will be responsible for issuing service charge demands to all leaseholders for their share of the costs incurred or for those costs (on account service charge demand) anticipated towards the running and maintenance of the building (as per the lease) and ensuring payment is received in a timely manner.  From time to time, when difficulties are encountered with receiving payment from a particular leaseholder, we will advise your company director or freeholder of the necessary legal action which needs to be taken and we will prepare any supporting documentation as required.

  • Generation of arrears letters
  • Automatic follow up procedures.
  • Personal contact where required.
  • Full legal collection service for serious offenders through our company solicitors. 

Operation of a Computerised Accounting System.

In order that at any time you may obtain up to date information as to the financial standing of your company / property and accurate balances of your accounts and funds held on your behalf, we operate a state of the art computerised accounting system.  The way our accounting information is presented generates a significant discount with our accountants, Harold Duckworth & Co and Beeson Weeks & Co and this in itself usually represents a good saving to your company / property.
 

Financial Information, Budgets and Reporting.

Freehold Management Services will be responsible for: -

  • Assessing the level of estimated annual expenditure (service charge budgets).
  • Providing background detail and financial information to enable the Service Charge budgets to be agreed.
  • Liaising with Company / Freeholder to agree the service charge budget.
  • Issuing Applications for Payment to all contributors.
  • Answering Home Owner’ queries on Service Charges and any other identified areas.
  • Recording payments, howsoever received.
  • Paying Contractor invoices in a timely fashion on completion of works or services.
  • Maintaining all financial records and accounts.
  • Pursuing rigorously unpaid Service Charges.
  • Instructing solicitors in respect of unpaid Service Charges subject to agreement by the Company / Freeholder.
  • Providing background records, copy correspondence, copy leases and answering queries arising from debt collection process.
  • Advising homeowners of their liability for payment under the terms of the TP1 / Lease.
  • Annual preparation of accounts in anticipation of audit and subsequent liaison with auditors.
  • Issuing draft service charge and financial statements to the company for approval.
  • Preparation of reserve fund and plan relating to cyclical maintenance.

Insurance.

Freehold Management Services will be responsible for: - 

  • Obtaining appropriate advice from suitably qualified personnel on insurance matters.
  • Ensuring the level of cover is correct.
  • Ensuring the valuation of the building is reassessed on a regular basis.
  • Annually obtaining a minimum of three quotations.
  • Providing copy documentation to residents, solicitors, building societies etc.
  • Liaising with the insurance assessors, where applicable.
  • Liaising with the Police, where applicable.

Breaches of the TP1.

 Freehold Management Services will: 

  • Advice residents involved in respect of any breach of any of the leases and instigating appropriate action.
  • Instructing and liaising with solicitors where continual breach occurs.

Storage of Counterpart Leases.   

We have a large free storage facility for these and any previous and current accounting/correspondence information.  This will include any notices of assignment of leases and the suchlike as well as invoices paid on behalf of the freeholder or company, insurance policy documents and any other relevant archive documentation. 

Property Management Inspections. 

Every building needs regular inspections, lack of presence from your managing agent will result in a poorly run building, and ultimately it will result in the agent being changed causing more disruption and expense.  Freehold Management Services agree in writing a schedule of visits, the frequency will depend on the size and complexity of the property, whatever is agreed we will always adhere to. 

  • Periodic inspections by a property manager. The frequency and duration to be agreed annually in advance with the company or freeholder, but subject to a minimum of at least 2 but not more than 6 visits per half year.
  • Compiling a report of each property management inspection and issuing a copy of that report to all the leaseholders with our recommendations as required.   

Buildings Maintenance.

At Freehold Management Services, we consider ourselves to be proactive rather than reactive when it comes to the maintenance of your property, with regular property inspections and the introduction of short and long term maintenance schedules, however, please be assured that our staff are here to react in cases of emergency or to non-foreseen routine maintenance issues.  Maintenance schedules are generally required periodically as stated in your lease.  Freehold Management Services will oversee and manage existing and future programs. Please be assured that we do not charge any additional fee for the project management or the supervision / overseeing of any works undertaken. 

  • The preparation of works specification and cyclical maintenance repairs plans.
  • Appointing appropriate and suitably qualified contractors.
  • Management of contracts.  Appointing contractors for works, services, maintenance, repair, replacement, upgrade and improvement.
  • Providing the contractor with a specification of works for day to day maintenance and repairs and receiving a minimum of two quotations for such works.
  • Ensuring contractors have adequate Public Liability Insurance.
  • Ensuring contractors are aware of and comply with current Health and Safety requirements and appropriate Risk Assessments and Method Statements.
  • Health and safety assessments.
  • Fire & Asbestos risk assessments.
  • Building control regulations.
  • Initiating and implementing preventive maintenance.
  • Ensuring long term (5-year plan) objectives are achieved.
  • Consult with the leaseholders under a Section 20 process, as required.
  • Advising the Company when specialised contractors or surveyors are required to quote and complete works.
  • Liaising with the Directors /Freeholder of the company or building throughout. 

24 Hour Emergency Service.

Freehold Management Services provides a full 24-hour maintenance support telephone and on-line service to ensure your property is protected at all times.  So when emergencies happen outside normal working hours we are at hand to help. 

Reporting of Routine Maintenance.  

Freehold Management Services provides an on-line maintenance portal, which will enable leaseholders to report a maintenance issue on-line, to update an issue and to track its progress.  This system is fully automated and our staff and contractors will be notified immediately of any new and updated issues and will respond accordingly.  Please note that routine maintenance issues may also be reported by letter, email or by telephoning our office. 

Safety Equipment.   

Freehold Management Services will carry out a safety risk assessment survey on your property shortly after instruction to manage.  It is crucial that your building(s) are protected with the correct measures to ensure that all residents, visitors and contractors are safe while at the property.  The size of the property, the plant installed (lifts and other machinery) will dictate the basic requirement necessary to meet current legislation.  The risk assessment is vital as this highlights any areas that may require attention. 

  • Fire detection systems.
  • Smoke detection systems.
  • Smoke extraction systems.
  • Emergency lighting.
  • CCTV Systems.
  • Electronic door access systems.
  • Fire extinguishers.
  • Panic buttons. 

Security.

Security of any building is of the upmost importance.  This also includes the safety of residents, their property and others visiting a building.  In this day and age many people have access to common part areas.  It is important to ensure maxim protection is achieved but without comprising access for those that require it.  Freehold Management Services can advise to the best solution which best suites your property. 

Property Sales – Assignment of any Leases or Transfer 

  • It is accepted that a fee will be charged to the individual home owner for the information provided in connection with any transfer or assignment of the lease.
  • Responding to solicitor’s queries.
  • Providing information on service charges and arrears.
  • Providing copies of annual audited accounts (up to three years).
  • Where a sale takes place without arrears being cleared, liaising with the new purchaser in pursing payment "technically" payable by the new owner.  

Companies House, Company Secretary and Registered Office.

Freehold Management Services, as your managing agent, will if elected, become the secretary for your company and be responsible for all annual returns and dealing with any Companies House enquiries.  Freehold Management Services will ensure that the information held by Companies House is always current, accurate and always up to date.  The company secretary has no voting rights at Annual General Meetings and is purely an administrative appointment.  As part of this service, it is strongly recommended that our office address becomes your companies registered address. These two services offered by Freehold Management Services Ltd come free of charge. 

Annual General Meetings / Directors Meetings. 

Freehold Management Services will be responsible for: -  

  • Calling an Annual General Meeting of the leaseholders.
  • Preparing the agenda for the Directors approval.
  • Preparing the necessary reports, budgets and maintenance schedules.
  • Hosting the AGM, as required at our offices or at a designated venue of your choice.
  • If the AGM is held at our offices, offering on-line conferring facilities for those leaseholders unable to attend.
  • Preparing the minutes for the Directors approval.
  • Disseminating the minutes to all leaseholders once approved.
  • Attending up to four meetings per year with residents and Directors of the Management Company within normal working hours. 

Legislation.

Freehold Management Services take great time and care to ensure that all properties we manage are compliant with current legislation and are kept up-to-date with the ever changing rules and regulations that must be adhered to.  We pride ourselves on our compliance with the law and our attention to detail. 

Freehold Management Services fully complies with: 

  • The provisions under a lease.
  • Legislation under the Leasehold Reform, Housing and Urban Development Act 1993.
  • Commonhold and Leasehold Reform Act 2002 and, where appropriate, the Housing Act 2004.
  • Landlord and Tenant Act 1985 and associated amendments.
  • ARMA Byelaws. ARMA Consumer Charter & Standards (Edition 2A).
  • The RICS “Service Charge Residential Management Code” (3rd Edition).
  • LACORS Fire Safety Guidance.
  • Regulatory Reform (fire safety) Order 2005. 

Communication.

There are many different ways for us at Freehold Management Services to keep you updated regarding the current status of your property, whether this relates to financial information, maintenance schedules, insurance matters etc. Whichever options and services you choose, we know that you will be more than satisfied.  Transparency and the necessity to prove up-to-date accurate information is paramount to us. 

  • Delivery by post or email.
  • Via our on-line portal.
  • Newsletters.
  • Income & expenditure reports.
  • Arrears reports.
  • Month end report and statements.

Freehold Management Services Ltd will also: 

  • Liaising with new service providers when requested to do so.
  • We will keep the Company or advised where correspondence received by the managing agent may result in media, legal or conflict representation. 
  • We will respond to resident’s queries. 
  • We will always advise on Company Law, Contract Law, Housing Acts and Landlord and Tenant Acts with reference to the management of the property.
  • We will also advise Freeholders or Directors on the extent of their responsibilities and authority.
  • Writing to adjacent property owners where trespass, nuisance or other problems are occurring from neighboring dwellings.
  • Arranging provision of additional items (signs, lights etc required by the development).
  • Writing to local estate agents in respect of unauthorised “Sale or letting” boards.

On-Line Portal. 

To try and improve how we do business at Freehold Management Services and with a view to make our management more transparent with excellent communications, we have introduced a “Client Portal” to our website. Please be assured that this is a secure portal and the information contained therein is safe and secure.  As an individual you will only be granted permission to view the information pertinent to your property.

The information that will be made available to you via this Portal will be:   

  • AGM Agenda / Minutes
  • Buildings Insurance Details
  • Budgets
  • Companies House – Filed Accounts
  • Companies House – General Information
  • Financial Information (Leaseholder / Property Client Account)
  • General / Useful Information
  • Important Notices
  • Maintenance Schedules
  • Property Inspections
  • Property Photographs
  • Risk Assessments

Management Fees.

Freehold Management Services tailors its pricing structure to reflect the varying needs of both the client and the property.  Our fees are negotiable, whilst taking into account the size and complexity of the property, maintenance schedules and its leaseholders. However, generally as a guide our fees for a smaller freehold (4 flats) is £175.00 per lease per annum and for the larger freeholds our fees can be as low as £105.00 per lease per annum. Fees once agreed are due on the day the management contract is signed and the anniversary of that date thereafter.  However, to assist the properties cash flow, it may be agreed that our fees be spread over a 12-month period and taken on a monthly basis.

  • Posted in:
  • FMS

Written by : Don Gerrard