Client
Investment Landlord, Developer.
Situation
Property developer and investor with Freehold block portfolio of 200 residential and commercial units within buildings spread throughout London and Greater London areas looking to outsource Block Management, while looking to free up time to focus on other ventures.
Solution
AM Surveying Property Services were appointed Managing Agent to the client's portfolio in May 2015 and we have provided a comprehensive Block Management service to the portfolio to date. Prior to our appointment as Managing Agent the client was not aware of their powers as Freehold Landlord to recover maintenance costs through a service charge paid by the Leaseholders, having previously incurred maintenance costs directly as Freehold Landlord.
At commencement of our services we undertook a review of all Leases throughout the mixed portfolio of Leasehold property and corresponded with all Leaseholders concerning the introduction of service charge recovery and improvement in maintenance of their properties.
Following careful review of all Leases annual Service Charge Budgets were prepared according to the requirements of each building and we commenced collecting service charges from Leaseholders in accordance with terms of their Leases.
Due to a backlog of maintenance to some properties and with advice of our Building Surveying department we have introduced phasing of major works to external parts, making the necessary budget contingencies and putting plans in place to execute the same. Major works undertaken include roof repairs and renewals, external and internal renovations, diagnosis of leaks and making good to the same.
All day to day matters are managed by our Property & Block Management team including completing routine site visits and managing on site health and safety matters.
Interested in our comprehensive Property & Block Management services, find out more here.