So why do blocks of flats and apartments need managing? The reasons are numerous, some critical. Some are obligations under the lease or formal legislation. Other things are practical and good management practice. Owners have generally made a significant financial commitment, sometimes involving borrowed capital and naturally they want and indeed need to protect this investment. Block management is the managing of the common parts to the building, which involves everyone. The building’s common parts and their services need to be organised on a day-to-day basis to create a nice place in which to live. Repairs need identifying, contractors found and organised. Medium and longer-term maintenance programmes require planning and managing. All so important. Efficient and transparent finances, through the Service Charge are absolutely essential, which should reflect the whole approach to property management.
Do people read their leases? They should! Leases may run to a rather daunting number of pages, often with lots of undecipherable legalese about things that don’t affect me! Well, they do and affect everyone and underpin the operation of the whole building! It is often not a choice as to what to do, it’s an obligation under the lease. But who ensures these are followed and enforced?
The lease may be a bit of a challenge. In addition does the operation of your building comply with the numerous formal regulations and legislation (all of them)? What are the implications of non-compliance? I’ll give you a clue, it could be significant and remember ignorance is no defence! So where does this responsibility lie?
Directors’ Responsibilities in block management
The above falls to the residents’ company directors. “Well, I’m a director in name only” some say! Actually, all company directors inherit the same responsibilities for their companies, which can be far-reaching. If there is an issue or problem everyone will look to the Director to review their actions requiring them to resolve the issue. This is a significant responsibility to do the job properly, a big ask especially when, in most residential management companies, the position is unpaid and time consuming too!
At this point it is quite likely anyone owning a leasehold flat or apartment are thinking that expert professional advice is a must. We think this is the right, responsible conclusion. There is too much to know and do and it is essential to be fully compliant, with too much to lose if the apartment values suffer or become less saleable. Based nr Barnstaple our management portfolio includes purpose-built buildings and buildings which have been converted, perhaps former hotels or offices in Ilfracombe, Woolacombe, Braunton, South Molton and Lynton, along the coast to Westward Ho! and Appledore down to Bude in Cornwall.
Peninsula Management welcomes contact from residents’ management company directors or individual apartment owners to discuss the management of their flats and apartments in more detail, giving an insight as to a professional approach and costs, always in confidence and without obligation. Looking to help everyone’s understanding we are keen to explain what is Section 20 Consultation LPE1 and numerous other property management terms.
Why do blocks of flats and apartments need managing?
Are you still thinking “Why do blocks of flats and apartments need managing”? Call us 01271 386306