Eastwood Block Management
Budgets for the year
Prior to the next service charge being due we will produce a detailed service charge budget outlining all the estimated costs of your block for the year. This will include all items from building insurance to repairs and maintenance, and will also show how the annual cost to each resident is calculated. A Small example block of 30 flats is detailed below.Budget for the period 1 January 2005 to 31 December 2005
| £ | |
| Building Insurance | 6000 |
| Electricity | 500 |
| Gardening | 2000 |
| Cleaning | 2000 |
| Repairs & Maintenance | 3250 |
| Management Fees | 3000 |
| Accountancy Fees | 500 |
| Lift Contract | 750 |
| Total | 18000 |
Cost divided equally by 30 flats in accordance with lease terms. 1/30th of £18,000. Annual Service Charge due £600.
Service Charge Collection
Residents are obliged to pay their service charge strictly in accordance with the terms of the lease to their flat. This will usually be annually, half yearly or quarterly. However, if the residents association are in agreement, some or all of the residents may be allowed to pay monthly.
Where does my money go?
For large blocks your money is paid into an independent bank account completely separate from other properties we manage. At the end of the financial year to each block an independent accountant will produce an income and expenditure statement which outlines the total service charges received for the year against the total expenditure. At the bottom of the statement it will clearly show how much money is left in the service charge fund. This is strictly in accordance with the Landlord & Tenant Act.
Repairs & Maintenance
We are only a phone call away to attend to any maintenance problems which may arise. We have a selection of specialist plumbers, electricians, roofers etc. Building surveyors can also be called upon.
Residents Meetings
We will attend meetings on a quarterly, half or annual basis to discuss any issues relating to the property. We will also attend Residents Annual General Meetings and invite contractors to attend for open floor discussions if needed.
