BLOCK MANAGEMENT
BLOCK MANAGEMENT
In July we launched our Block Management Service, below are some of the Q&A’s we have prepared to explain this service.
What is Block Management?
Leasehold Management, Property Management, Estate Management or most commonly known as ‘Block Management’ is when a company has been appointed to take care of the communal areas of residential properties. In terms of managing these properties, this includes service charge collection, ground rent collection, insurance and communal maintenance.
A significant area of block management is preparing budgets and following legislation, whilst ensuring that both freeholder and leaseholder receives value for money with the service charges that are put in place.
What is a Block Management Agent responsible for?
Works on a development that a Block Manager would be responsible for can range from communal cleaning, gardening, emergency works as well as painting and decorating. However, the amount and type of work will vary in relation to each individual lease. Even though the lease relates to a block of apartments, each individual lease can stipulate different clauses within a lease.
What is a Leasehold?
Leasehold apartments can be in purpose-built developments, converted houses or above commercial spaces. If a property is purchased as a leasehold, the structure and common parts of the building, as well as the land it sits on are usually owned by the freeholder. Therefore the leaseholder essentially rents from the freeholder for a number of years and when the freeholder grants a lease, they technically become a landlord.
What are Service Charges?
The freeholder, would be responsible for the maintenance and repair of the building in which any associated costs with this are recoverable via ‘Service Charges’ and billed to the leaseholders. These are payments required by the leaseholder to the freeholder. The details of what is charged would be detailed in each lease.
How does Smart Lettings’ Property Management take care of my building?
If the development, you reside in is managed by Smart Letting’s we will ensure that the building and common areas are maintained in accordance with the terms of your lease.
Smart Lettings’ designated Property Inspectors will carry out regular inspections to the communal areas Smart Lettings will prepare specifications of any maintenance and repairs
Smart Lettings’ finance team will keep and maintain compliant and up-to-date accounting records Smart Lettings’ finance team also handles the collection of service charge payments as well as processing the payment of suppliers’ invoices Smart Lettings’ Block and Estates Manager ensures regular servicing and annual checks, where necessary are carried out
For any Block Management queries or if you would like to discuss how Smart Lettings’ can manage your building, don’t hesitate to contact us.
