Financial

16
Feb

Property Management Explained

Property ServicesThe services we provide to residents and owners is in a nutshell is making sure the communal areas are clean, tidy and in a good state of repair, helping to keep the estate a nice place to live. Communicating well with residents and managing cash flow for the best interests of the site for today and for the future.

We also work in accordance to the lease which can impact the services we provide. For example we have come across leases that state the owners themselves are to clean the windows and not the management company.

We like to take the proactive approach, here is some of what’s involved in property management;

Daily Management

  • Communication with residents informing of site visits and AGMs
  • Manage suppliers and contractors
  • Make sure appropriate insurance is in place
  • Regular site visits with a 30 point check list
  • Annual fire and health and safety risk assessments
  • Site meetings

Financial Management

  • Produce budgets for the year ahead for the sites needs
  • Lease reviews to make sure our service is compliant
  • Work with an independent professionals to prepare a long term maintenance plan
  • In addition to a current client account we set up a second account for the reserve fund
  • We collect and hold service charges in clients accounts in accordance with section 42 of the Landlord and Tenants Act 1987
  • We can also collect ground rent
  • We secure all records in accordance to data protection
  • We prepare financial accounts each year to ensure every penny is accounted for

Purchasing a property is often the biggest financial commitment we make and we work hard to make sure your investment is well looked after.

29
Jul

Budgeting for 2015 Service Charges

It is that time of year again when we put the wheels in motion for the 2015 Service Charge Budgets. Our Property Managers are busy bees identifying items on site that will need attention over the next 12-18 months as well as getting in the final quotes, ready for our Budget Meetings.

21
Jul

Unbelievable: Leaseholder jailed for stealing £1 million

Southwark Crown Court found Brian Copsey, 60, guilty of fraud by abusing his position as Finance Chairman and Company Director back in April. Copsey was jailed for 8 years and disqualified for 12 years from being a Company Director.

Copsey was entrusted with the position of Finance Chairman and Director of two companies that were set up to manage the funds collected from tenants’of Bryanston Court in Westminster for Service Charge and Reserve Funds; and in turn Copsey controlled the bank accounts where these funds were held.

The board of Bryanston Court, Westminster involved the police when they found out a cheque for the sum of £1.8 million had bounced! Copsey was arrested and an investigation was undertaken revealing that over a two year period Copsey had made a number of bank transfers from the two accounts to him and a number of recipients including his wife.

It appears that the total amount taken amounted to £1,160,525.

The victims of Copsey’s act were neighbours and friends all living in the same block as him, some elderly and retired. It was also noted that some had to take out loans to pay for their contribution to the Service Charge and Reserve Fund.