Professional Property Managers in Watford

In normal circumstances, most leases allow for advanced billing based on an estimate of charges for the year ahead. This is to ensure there is appropriate funding in place to fulfil the management obligations. However, it usually is just an estimate. Whilst the lease will define more specifically how to handle any overspend or underspend, a balancing adjustment will be the difference between the initial bill issued based on an estimate of charges and the actual amount spent. This is otherwise referred to as a balancing charge.

A Resident Management Company is a non-profit making company formed to provide a vehicle to enable the owners within a building to undertake the management of that building for themselves, albeit this function usually contracts to an agent on their behalf. A Resident Management Company is often already inserted within the lease agreements from the outset of the build.

A Right to Manage company offers similar functions to a Resident Management Company, albeit overall, the company will retain the landlord's responsibilities such as arranging insurances, consent approvals etc. It gives leaseholders the statutory right to take over the management of their property from the landlord by setting up a special company - a right to manage company.

It depends on the regulations stipulated within your Lease as to whether a reserve or sinking fund can be legally collected. However, we would generally support this as a measure of good management.

In the event of requiring out of hours assistance, please contact the office to be redirected to a member of the team. This is strictly for emergencies only and is a service conducted in-house and not by a third-party external company.