© Premier Block
Management Ltd
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Your Service Charge is an on account payment billed in advance (unless the Lease is very dated and dictates collections in arrears). This is to make sure that suitable funds are available for annual expenses like building insurance costs and regular maintenance work. We need to make sure that money is available to pay contractors and to ensure that the developments bank account does not become overdrawn. Incurring extra bank charges and penalties will result in increases to the Service Charge and, naturally, we would prefer not to pass on these costs if they can be avoided.
It is common sense and good practice to save for future known large expenditure and the proverbial 'rainy day'. That is why we think it is sensible for a development to have its own 'Reserve Fund'. Therefore, should any major expenditure arise, there will be funds available towards the cost for these works .This will include, amongst other things, any internal and external redecoration, access way repairs or replacement common area carpet.
Your Reserve Fund is interest-bearing and can only be used to finance projects on your development. It is set aside to provide a contribution to the actual costs incurred.
We understand that Health and Safety is a very important aspect of managing a building. We manage the periodic testing of portable appliances, electrical certification as well as risk assessments for fire safety, water monitoring and general health and safety.
In the case of major works requiring, by law, the appointment of a planning supervisor, we arrange their engagement.
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Your Lease or Transfer document may state that as the property owner, you are required to pay an annual Ground Rent/Fixed Rent Charge to the Freeholder. Sometimes, the Freeholder asks us to collect this charge on their behalf.
This is a fee we charge for managing the services and finances to your development. This charge may be subject to an annual increase. These fees form part of your Statement of Anticipated Expenditure.
Where appropriate, external communal areas are insured for Third Party and Public Liability insurance and the premiums are included in your annual charges.
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