Service charge preparation, control and collection
All service charge matters are dealt with by Andrew Fairbairn (Director) who is available to discuss questions.
Service charges may apply to residential property where there are common areas requiring maintenance. These may relate to part of the building structure, common hallways, staircases etc. or external items such as landscaping, drainage, roads (where they are not adopted) and so on.
Our service charge facility entails the following:
- Checking through leases/documentation to ascertain the respective responsibilities of the landlord and the tenant(s);
- Identifying those items which require maintenance funding via the service charge;
- Negotiating with contractors/suppliers. All expense invoices signed off by a Director;
- Preparing annual budgets through an inclusive consultative approach to cover elements requiring regular routine maintenance (e.g. lift service, gardening) and larger ‘one off’ costs that may only occur periodically with years in between (e.g. roof overhaul, lift replacement);
- Covering health and safety matters and risk assessments;
- Complying with Disability Discrimination legislation;
- Prior to the service charge year, consulting with tenants regarding the proposed budget;
- Invoicing, cash handling and credit control;
- Reconciling bank statements (signed off by a director);
- Providing periodic reports at agreed intervals comparing budgeted and actual expenditure;
- At the Service Charge Year End the accounts are prepared and independently verified by a firm of accountants within four months, a copy of which is then sent to each tenant;
- Working closely with residents’ or tenants’ associations to ensure the smooth running of each property;
- Handling all income and expenditure through a Client Bank Account specific to the property;
- Attending regular management meetings with Residents’ Associations and Management Companies including AGMs; and
- Providing solicitors with the required information where there are house/flat sales.
We work closely with Residents’ Associations and where appropriate fulfil the role of Company Secretary for Residents’ Management Companies.
All client monies are protected by the Royal Institution of Chartered Surveyors’ Clients’ Money Protection Scheme.
