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The property is a block of 32 flats and is part of a larger development in Anerley Park, near Crystal Palace, London. After acquiring the Right to Manage from a large Landlord we had to wait 3 months before the handover. The property management company that was in place was a nationwide company which manages 100s of blocks. Leaseholders were bewildered by the spiralling service charge costs. The leaseholders threatened to take the property management company to the First-tier Tribunal (LVT) to determine whether the costs were reasonable. They had evidence to indicate that the cost of individual services were not reasonable.
The handover was a challenge because the block was one of 2 blocks on a development. We knew we had the rights to take over the estate management which included the car park, bin store and common access-way. This only left the other block. The exiting property management company were reluctant to give up the estate management. Our Legal Services Director, who is a qualified property solicitor, explained the Right to Manage legislation in order for the out-going agent to understand the extent of their loss. Eventually they accepted the point.
To date, the only management information we have received from the outgoing agent was the insurance schedule and a statement of account for all leaseholders. This shows how much each leaseholder has paid/not paid in service charges.
Our starting point was as follows;
Pembroke Property Management a property management company that manages blocks of flats throughout London, Kent and Sussex have tremendous success turning around blocks which are going into disrepair due to service charge arrears.
We prepared a budget and had it agreed with the directors of the new Right to Manage company for the block. The budget highlights were as follows;
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