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Frequently Asked Questions
Here you’ll find answers to common questions regarding reporting issues, conveyancing, resident management companies (RMC), payments, health and safety, and service charges.
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A year-end service charge account is prepared after the service charge year and summarises actual expensiture against the budgetd amount for that year. While our budgets are always prepared with due dilligence unexpected expenditure can occur during the financial year. If actual costs exceed the budget, residents may need to pay the difference; if costs are lower, a credit may be applied to future charges.
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If you would like to discuss payment terms please contact the team using the details on your demand.
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An estimated budget is prepared annually which covers all contracted services, insurances, relevant fees and expected works in that year. Your individual contribution shall be collected based on your Lease or transfer.
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The management company is set up in the same way as any company with a set of rules and responsibilities called the Memorandum of Articles and Association. This document outlines important information such as how many Directors are needed and if they need to be rotated on an annual basis. Your property manager will take you through the process when the time is right.
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The management company will normally start with Directors appointed from your housebuilder. When the development is complete and all obligations to the local authority have been met, an Extraordinary General Meeting shall be held to appoint resident directors.
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The Company Secretary plays a vital administrative role to the Resident Management Company ensuring its compliance to The Companies Act 2006.
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A Director in a Resident Management Company (RMC) is appointed in line with the Articles of Association and works with the managing agent. While the managing agent deals with the day to day running of the development the Company Director will liase with the property team to approve or instruct on certain matters such as the annual budget.
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Please contact your local property manager who can advise.
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The current Director of your management company will depend on whether the development has been handed over to you as residents. When the management company is incorporated directors are normally appointed from the housebuilder. They shall then be in situ until they have completed the development and satisfied all legal obligations. An extraordinary general meeting shall then be called to elect directors from within the development. If you would like to know more about your current director please contact your property manager.
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A management company is a professional firm that oversees the daily operations and administration of real estate properties on behalf of property owners.
Their responsibilities typically include:
- Tenant Management: Handling tenant inquiries, screening applicants, and managing lease agreements.
- Maintenance and Repairs: Coordinating routine maintenance and addressing repair issues to ensure the property remains in good condition.
- Financial Administration: Collecting rent, managing budgets, and providing financial reports to property owners.
- Compliance: Ensuring that the property adheres to local laws and regulations.
Management companies serve as intermediaries between property owners and tenants, allowing owners to delegate operational tasks while maximising the property’s value and income potential.