Flat management companies
What seems simple at first glance is governed by many acts of legislation including:
- Landlord and Tenant Act 1985
- Landlord and Tenant Act 1987
- Commonhold and Leasehold Reform Act 2002
We have been advising landlords and lessees since the first of these Acts came into force. We currently prepare the required service charge and statutory accounts for over 500 blocks. Over recent years many lessees have been purchasing their freehold or exercising their right to manage. The rules for these can be quite complex and we have advised many blocks concerning this.
The final parts of the Commonhold and Leasehold Reform Act will force changes to the way in which service charge information is prepared and also introduce time limits as to when accounts must be issued to lessees. With all of this detailed legislation, it is easy to get things wrong. It is vital that any self managed blocks take the necessary professional advice to ensure that properties are managed correctly as the penalties can be very severe.
We are affiliate members of ARMA (the Association of Residential Managing Agents).