We act as Company Secretary for many of our clients who do not wish to be burdened with Limited Company aspects so provide a service that includes dealing with items such as:
Well organised and tended blocks and estates will have ongoing maintenance programmes to keep the fabric in good condition.
This not only keeps your investment valuable and safe, but it also provides for planned cyclical maintenance and avoids substantial building defects.
Such matters could include the installation of a fire alarm system, emergency lighting, re-wiring, lift replacement, new roof, internal or external repairs and redecorations for which there are strict laws regarding costs.
There is a legal process that needs to be followed in the event that the likely cost will exceed a certain sum per lessee (currently £250), in accordance with the Landlord & Tenant Act 1985 (as amended) and the Service Charges (Consultation Requirements) (England) 2003.
We will guide you through the various stages of the process to comply with the above legislation and correspond with lessees, appoint Building Surveyors and other professionals for the required aspects of the project, including the provision of a scope of works, tender documents, site inspections and financing.
You may be able to exercise the Right to Buy if 50% of qualifying lessees group together. The price each lessee pays will depend on the length of leases, values of the flats and how many people join in the process.
The advantages to you are complete control of the building, extend the leases, collect ground rent, grant licences under the terms of lease and take complete control of the management; whether that is by self-management or by appointing your own agents.
If buying the freehold is too expensive you can choose to exercise the Right to Manage. Simply set up a RTM company, serve the appropriate notices on lessees and the freeholder and you take over the management functions. This is a no-fault process, meaning that you do not need to prove that the freeholder has not managed properly. You simply serve the correct notices and take over. The freeholder is entitled to join the RTM Company and have a vote.
The advantages are that this process is relatively cheap and simple to exercise. You get control of the running of the building, including granting licences under the terms of the lease.
How to do it
Craig Sheehan can guide you through the process. We can work out and discuss with you which option is best for you and provide valuations and negotiate the price, if you opt for the Right to Buy. If you opt for this route we facilitate the complete process. We may even cover the costs if you instruct us to manage.
For other matters that do not fall within our remit as block managers, our Chartered Surveyors are always happy to provide advice (where there is no likelihood of a potential conflict of interest).
This may include advice on:
Above all, we make sure that the building is run efficiently, effectively and economically and that all of our dealings with owners, occupiers and freeholders are professional, accurate and delivered with the utmost integrity.