Cumberland Park is on the outskirts of Tunbridge Wells. It is a mixed development of houses and apartments. Cumberland Park comprises The Manor, which contains the apartments, and freehold houses on Badgers Holt and Faraday Lodge.
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The Directors of the Resident Management Company invited local managing agents to tender for the management. We were recommended by a leaseholder who owns an apartment in another development we manage. We submitted our proposal and delivered a presentation to leaseholders. We were awarded the contract following a leaseholder vote.
The service charge apportionments are complex because of the different parts within the development which need to be considered separately. For example, the Manor block comprises the Old Manor and the New Manor. Leaseholders in the Old Manor pay for services and decoration of their part of the building. Leaseholders in the New Manor pay for maintenance of the New Manor . However, there is one apartment which is located in the Old Manor which has its front door in the New Manor. This adds complexity because the apartment pays for the exterior maintenance of the Old Manor and the internal maintenance of the New Manor. They do not pay for maintenance of the internal common parts of the Old Manor because they do not use the communal areas with it.
There are 7 schedules in total. The schedules could be also called cost centres. Each schedule has a separate budget and reserve fund. The reserve fund must be split into the various schedules and we need to know exactly how much is in each reserve fund at any moment in time.
Pembroke Property Management uses specialist Block Management accounting software and it is created for the management of complex developments like Cumberland Park.