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Property Management Terms
We charge a basic fee per unit per annum for which the following services are undertaken.
The work undertaken under Schedule B is charged separately.
Schedule A
Duties of Managing Agent carried out on behalf of a client normally included in the standard management fees:
- Submitting demands (where appropriate) and collecting rents, rates service and other charges at appropriate intervals.
- Making payments to superior Lessors, suppliers, staff, contractors, rating authorities professional advisers, insurers and others as may be appropriate.
- Administering building and other insurances.
- Keeping accounts up to audit and circularising service charge accounts and supplying such information and details to which tenants and recognised tenants’ associations are entitled.
- Producing an annual estimate for expenditure for service charge purposes and contributing to reserves.
- Administering reserve funds if any.
- Answering enquiries from auditors.
- Employing required staff (excluding advertising and agency expenses), and effecting necessary supervision.
- Arranging maintenance contracts for all plant and equipment.
- Making periodical visits to the property to ensure proper day to day running.
- Dealing with day to day repairs to structure, plant, fixtures and fittings and equipment.
- Keeping records in relation to tenancies and other relevant matters relating to the property.
- Checking compliance with terms of Leases and statutory requirements.
- Advising generally on management policy.
- Ensuring Clients are aware of legislation e.g. Asbestos, Fire Risk Assessments, Gas Safety etc.
Schedule B
Work outside the normal scope of our fee:
- Preparation of specifications, obtaining competitive tenders and supervising works. Such works are those other than normal day to day repairs.
Fee: Usually between 10% - 12.5% exclusive of VAT of the cost of the works, chargeable by arrangement.
- Attending Court Hearings and giving evidence if required in relation to recovery of rent or other charges from tenants or ensuring compliance with Lease covenants etc.
Fee: Based upon time taken at the appropriate rate for the personnel involved.
- Professional services in connection with requirements arising out of statutes. Professional services in relation to rating.
- Consideration of applications by Lessees to carry out alterations.
- Valuation of replacement cost of building for fire insurance purposes.
- Professional services in connection with applications for Lessors’ consent to assignments, sub-lettings and changes of use.
- Involvement with Lease extensions and enfranchisement.
Fee: By arrangement and recoverable from the applicant.