- All funds are kept in separate client bank accounts in accordance with the RICS
service charge management code of practice.
- Client’s current account hold funds received for day to day expenditure.
- Client’s reserves bank account hold funds collected for cyclical building works.
- Client’s funds are protected by our PII insurance.
- Client’s funds are also protected by RICS clients’ money protection scheme.
- Service charge budgets are prepared and agreed with clients in advance.
- Service charges demanded in accordance with the following:
- Your lease
- Landlord and Tenant Act 1987
- Common hold and Leasehold Reform Act 2002 section 166
- Leaseholders pay in advance or by standing order.
- Ground rents are collected on behalf of the freeholder.
- Ground rents are paid to the freeholder either on monthly or quarterly basis.
- Reminder letters are sent before solicitors are instructed for if necessary.
Income and Expenditure
- Analysis of service charge accounts on behalf of our client.
- Manage & maintain customer / client service charge accounts.
- Provide clients with income, expenditure and cost center report analysis.
- Budget forecasting in advance of the approaching year.
- Budget Vs Actual expenditure analysis.
- Variance reports for client’s scrutiny.
- Monitor of cash flow when paying contractors invoices.
- Review of final accounts ready for signing by clients.
- Presentation of Audited accounts by Chartered Accountants to clients.
- Section 20b notice served within 18 months if audited accounts are delayed.