Leasehold and Estate Management
Leasehold and Estate Management Services can be
best described as the management of the grounds, structure and common parts of
leasehold flats and, in some cases, the management of the grounds and
facilities serving freehold houses. FSPM predominantly acts for
Freeholders, Resident Management Companies (RMC) and Right to Manage (RTM)
Companies in the provision of their estate management services.
FSPM works with its client to provide a tailored
menu of services to suit the specific needs of that client and the property for
which they are responsible. The typical scope of services FSPM provides may
Annual Budgeting, in consultation with the client and
suppliers, helps to provide a good indication of anticipated expenditure and
allows for controlled expenditure and helps to avoid unexpected costs to
leasehold and freehold property owners.
A copy of the budget figures, with a full explanation to the scope of
services expected is circulated at the start of the financial year. That's not
the end of the process and we will continue to monitor performance against
budget throughout the year.
Negotiating and supervision of contracts in respect of day to day services, including
communal cleaning, gardening and utilities, as well as the administration of
planned maintenance projects against agreed service specifications.
Collection of service
charge, estate charge, insurance and ground rent contributions. Robust credit
control processes ensure debts are not allowed to grow unchallenged to the
detriment of the client and development as a whole.
A monthly property visit and
inspection by the property manager.
Regular inspections enable problems to be identified at an early stage
and remedial action taken, often before the residents are aware of an issue! An inspection report is completed during each
visit and a summary of findings can be provided to the client, generally
quarterly, but more regular reporting can be provided where managing specific
A 24/7 emergency helpline a
dedicated service for dealing with urgent repairs to the communal parts of a
development that arise outside of our normal officehours.
Quarterly client review meetings, to discuss pertinent issues, including planned and
ad-hoc works, performance against budget and arrears management. Where required more regular meetings
can be arranged.
Commercial Portfolio Management
FSPM acts for freeholders and management companies in the management of the
offices, shops and industrial premises that they own or for which they are
responsible. Whilst the
services will be to an extent dependent on the legal documentation in place and
can be tailored to a client's specific requirement, they will
generally include the following:
Collection of rents when due and swift transfer of cleared funds to
clients' nominated accounts.
Maintaining a management
diary for events such as rent reviews and lease expiries, or insurance and
Preparation of service
charge budgets and financial forecasts.
Collection of service charge payments and pro-active credit control action at no
cost to clients.
Arrangement for the provision
of services to the common parts of buildings or estates as required by the
individual leases or other legal documentation.
supervision of contracts in respect of communal services including
contractor vetting and accreditation.
Compliance with legislation, especially that relating to fire, health and
Providing a 24 hour
emergency call out service.
Organising buildings and
other forms of insurance, including arranging reinstatement valuations
and assisting in the administration of insurance claims.
Undertaking regular site
inspections to ensure compliance with lease covenants.
freehold owners, management company directors and occupiers on all relevant
Arranging for the
preparation of year end accounts and returns.
Attending regular client
meetings and providing regular financial reports.
It is common for managing agents to be appointed as the corporate Company
Secretary to Residents' Management Companies or to Management Companies
established to manage and maintain commercial estates. FSPM is no different and is able to offer the
Preparing and filing the
company's annual Confirmation Statement at Companies House.
Maintaining the company's
statutory registers at Companies House, filing changes as necessary.
Dealing with transfers
and allotments of shares including issuing of new share certificates.
Document monitoring at Companies House to ensure the company's records
are not being fraudulently amended.
New Build Consultancy
with developers from the design stage, FSPM can help ensure that adequate
provision is made, both within the design and the on-going management plan, for
the cost effective provision of services.
FSPM works with developers and their solicitors to ensure that the scope
of services necessary for the efficient running of the development is
correctly referenced within the individual leases.
comprehensive budget is prepared, detailing the estimated
cost of services, for issue to prospective buyers as an integral part of the
sales pack, thus ensuring the owners of the individual units know exactly what
services are to be provided and the anticipated annual cost.
the sale of the first completed units FSPM will assume their management
role and will continue to work with the developer as well as the
individual property owners up to completion of the final sale. It is
generally at this point that the provision of the services will fall solely to
the Resident Management Company. FSPM works with all parties to
see the speedy appointment of resident directors to the RMC board and in the ongoing
management of the development.
also act as a conduit between owners and the developer to resolve any
teething issues that may arise in respect of the fabric of the building which
affects the building as a whole as opposed to an individual apartment, thus
helping all parties to reach a swift and mutually acceptable conclusion.
Residential Portfolio Management
considerable experience in the management of residential property portfolios regardless
of size or geographical location, providing landlords with a single point of
contact for its management. The obligations placed upon residential landlords
are wide ranging but, if breached, can result in criminal prosecution. The core management services FSPM offers
to residential landlords include:
FSPM will arrange the
prompt collection of all rents and other monies due, remitting all monies
collected to the client less any agreed commissions or disbursements and
providing a monthly statement detailing all income and expenditure.
Rent and Damage deposits. FSPM will
collect the agreed deposit from the tenant and, acting as stakeholder, place
the same in a designated bank account. The amount of the deposit will be
registered with a government approved body.
Repairs. FSPM will identify and arrange all routine
repairs necessary for the proper maintenance of the property, up to a financial
limit set with the client and using properly accredited contractors. FSPM is also able to undertake major works
projects, preparing formal specification and following a competitive tendering
process. Once a contractor is appointed
FSPM can supervise works through to completion.
Compliance with Legislation. FSPM will
ensure compliance with The Gas Safety (Installation & Use) Regulations
1998, Electrical Equipment (Safety) Regulations 1994 or such amendments or
other relevant legislation relevant to the safety of equipment and/or services
at the property. The necessary
inspections and certification will be arranged via accredited contractors.
Credit control. FSPM will take all reasonable steps to ensure
rent and other monies are collected. Where appropriateit will seek
to agree repayment plans with tenants for the settlement of arrears or, where
necessary and in consultation with the client, take the appropriate recovery
Property inspections. FSPM will
ensure that each property is periodically inspected and a pro-forma inspection
report completed. Any items of disrepair will be dealt with as soon as
practicable and in accordance with the practices outlined above.
Payment of outgoings. FSPM will
make payment of client outgoings, including for example maintenance costs,
utility charges, insurance premiums and ground rents payable in relation to the
property. Such payments are usually made from rents received or from a
retained "float". Monthly accounts will be provided identifying
all income and expenditure incurred.