When renewing or starting a fresh, you should ask for a list of administrative costs. These costs are associated with either providing documents or dealing with 3rd party obligations. Being an a corporate member of ARMA, we have to show a basic price for providing our service to;
- Maintaining the building
- Managing the accounts (In name of the Residents Association/Management Company or RTM
- Arranging asbestos reports and fire risk assessments
- Check all contractors have insurance, carry out health and safety assessment
- Arranging insurance (commission depends on leases and contracts)
- Dealing with insurance claims
- Replying to solicitor enquiries
- Providing company documents (Share Certificates, Notices of assignment and deed of covenant per the lease
- Supplying additional copies of the accounts and other documents( discretionary fee per document
- Preparing Client Company accounts
- Late payment fees
- Court Action Fees
- Dealing with freeholder issues
- Legal action on behalf of client
- Additional meetings required
- Emergency call outs
- Stationary and Postage
These associated costs vary from managing agents, but can cost up to 40% of the basic fee. All prices can be influenced per the lease. All leases are different some include what the cost should be; others may say that the fee shall be reasonable amount.
We at 2ManageProperty offer transparency on our costing aimed to be fair and reasonable.
Contact us for a free quotation.