Resources
Why is there a Health and Safety section in my Service Charge budget?
Click on the video below to listen to Property Manager, Jamie explain why there is a Health and Safety section in the Service Charge budget. “The Health and Safety section in your Service Charge budget will mainly cover the costs for both the Health & Safety and Fire Risk Assessment to be carried out. It is vital that a risk assessment is carried out in your block to highlight any potential hazards and to rectify them accordingly, so the block is fully compliant with all health and safety regulations.”
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Health and Safety Risk Assessment
Click on the video below to listen to Property Manager, Lewis explain why a Health and Safety Risk Assessment needs to be carried out. “The duty to comply with the Health & Safety and Fire Regulations falls on the landlord or the person responsible for the management of the building. This could be a Managing Agent, a Residents Management Company, Residents Freehold Company or a Right to Manage Company. But failing to carry out a Risk Assessment at certain intervals, you are leaving potential health hazards unresolved which over time could have a detrimental effect on the building…
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Why do we need to contribute to a Reserve Fund?
Click on the video below to listen to Property Manager Jamie, explain why you need to contribute to a Reserve Fund. “Your lease will dictate whether monies can be collected for a Reserve Fund. And if the lease confirms a Reserve Fund can be collected, then this will enable the Freeholder and their agent to plan financially for future works such as exterior or interior re-decorations. When the Reserve Fund is sufficient and major works can be carried out, the leaseholders may avoid any additional charges to cover the works.”
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What should be included in my Service Charge demand?
Click on the video below to listen to Property Manager, Lewis discuss what should be included in a Service Charge demand. “Your Service Charge demand should include the following:- * The summary of tenants rights and obligations under Section 21b of the Landlord and Tenant Act 1985. * It should also include the landlords name and address under Section 47 and 48 of the Landlord and Tenant Act 1987 respectively. * The address must be in England or Wales. * The property address and name of the leaseholder should also be included on the demand. If a Service…
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What is the difference between Leasehold and Commonhold ownership?
Click on the video below to listen to Property Manager, Jamie discuss the difference between Leasehold and Commonhold ownership. “The difference with Commonhold is the individual property owners own everything. There is no landlord or freeholder to worry about. Each property owner becomes a member of the Commonhold Association, which owns and manages the shared part of the property, under a set of rules approved by the association. Under leasehold ownership, this is limited by time. Once the lease is expired, it will revert back to the landlord.”
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What is Commonhold?
Click on the video below to listen to Property Manager, Lewis discuss what Commonhold is. “Commonhold is a type of property ownership which was introduced with the overall aim to replace leasehold by simplifying the system where a set of rules will apply to any commonhold property. To date, there are approximately fifty blocks of flats which are commonhold properties in England and Wales.”
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‘Statement of Estimates – Why do we need this and what’s included?’
Click on the link below to listen to Property Manager, Jamie explain. “A Statement of Estimate can only be issued once the first notice has expired. This will include recommending contractors and their prices by the landlord or agent, as well as nominated contractors by the lessees, if any have been put forward. In the same way as the Notice of Intention, the landlord and agent must have consideration to any comments put forward by the lessees before or on the expiry date.”
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‘Notice of Intention’ – why do we need this and what’s involved?
Listen to Property Manager, Lewis explain what a ‘Notice of Intention’ is. “A Notice of Intention is sent to inform leaseholders what work the landlord or managing agent is planning to carry out. The notice will give recommendations as to why the work should be carried out. An address and time will be provided of where the specifications of the works can be viewed. Leaseholders are invited to give observations in writing of the intended works. They will also be invited to nominate a contractor of their choice. The landlord or agent must then take into consideration any comments received…
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Do you think Commonhold will come into play in England and Wales?
Listen to Property Manager, Lewis discuss his thoughts regarding Commonhold. “Currently, no! There are little incentives that offer developers a good enough reason to choose Commonhold over Leasehold from a financial prospective. Unless this changes, there is no clear sign of an increase to the current amount of Commonhold owned properties in England and Wales. However, it is something that the Law Commission is reviewing and will be publishing their reports on.”
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Do leaseholders have the right to request service charge accounts?
This is an interesting video with Property Manager, Jamie discussing whether leaseholders have the right to request service charge accounts. “Under Section 21 of the Landlord and Tenant Act 1985, leaseholders have the right to request a copy of the summary of their service charge costs incurred from their Managing Agent or Landlord. Unless there are good reasons as to why they cannot comply, the Managing Agent or Landlord has six months from the Service Charge year end to fulfill this request.”
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