Duties of Residential Management
To Undertake the Detailed Management of the above Property in accordance with the Schedule attached below.
To ensure as far as can be ascertained that all Lessees / Shareholders fulfil all lease obligations without favour.
To liaise with, prepare and submit periodic reports to, the Directors, Lessees / Shareholders.
This agreement to last until further notice but can be terminated by either party upon 6 months written notice.
1 Assess and Prepare Budgets
2 Collect all Service and Maintenance Charges as Required
3 Set Up and Maintain Reserve Funds
4 Effect and Record all day to day Expenditure.
5 Deliver Financial Reports to Directors and Shareholders
6 Preparation of Company Accounts for Audit by Appointed Accountants
7 Hold and Maintain Client Funds in Individual and Dedicated Client Bank Accounts
8 All Accounting carried out in Accordance with Code of Practice recommended by ARMA
9 Processing of Payroll
10 Ensure Full Compliance with all Companies House Regulations and Legislation
11 Maintain Company Registers
12 Completion of Documentation for Officer Appointments and Transfer Formalities
13 Preparation and Filing of Annual Returns
14 Preparation of all Documentation necessary for Annual General Meetings, Extraordinary Meetings, Notices and Minutes.
15 Provision of Registered Office Address
16 Make at least One Official Inspection during each Four Month Period. The cost of which is currently £40 per visit but includes a risk assessment.
17 Set Up, Maintain, Enhance Maintenance Programmes
18 Arrange and Supervise any Repairs which may become Necessary within the remit of the Management Company.
19 Receive and Discharge any Liabilities, sustained at the Property, as appropriate.
20 Arrange and Maintain Insurance for Buildings, Plant and Machinery, Public and Employers liability and including Directors and Officers Liability Insurance
21 Engage External Professional Advice, where appropriate, to Fulfil Repair Obligations in terms of Specification and Supervision
SCHEDULE OF CHARGES
In order to fulfil the detailed listed obligations, we are prepared to undertake the Management of this Property to include
Financial 1 to 9 inclusive
Company Secretarial 10 to 15 inclusive
Property Maintenance 16 to 20 inclusive
for a Fee of an Agreed Sum Per Flat Per Annum plus VAT.
Charged Quarterly in Advance.
Subject to Annual Review.
** Please Note: There is no mark up of any invoices paid on your behalf **
1). Any Occasion of Repair Arrangement and /or Supervision, involving an Insurance Claim, a Fee of 5% plus VAT will become due, charged as a percentage of the NET Sum recovered in each instance, subject to a minimum of £250 plus VAT, and drawn upon receipt of the insurance funds.
2). Any Occasion of Qualifying Repairs or Proposal to Enter into Long Term Agreements which invoke the S20 Consultation Procedure, a Fee of 5% plus VAT will become due, charged as a percentage of the NET contracted Sum, subject to a minimum of £250 plus VAT, payable upon commencement of the contract. Abortive works, after S20 Consultation, will be charged at 2.5% of the lowest value, plus VAT, subject to a minimum of £150 plus VAT.
Please see the below Appendix 1 and 2 for a Schedule of other Charges.
Schedule of Ancillary Leaseholder Charges
1). It should be specifically noted that the annual fee quoted does not include services involved for enforcement action against defaulters or breaches of covenant, nor for undertaking, if relevant, other negotiations on your behalf, where a fee will be charged on a quantum meruit basis. FROM £0.00 plus VAT
2). Should maintenance / service charges arrears exist, additional charges will be made according to the following schedule:
a). 1st Reminder. 21 days after due date £0.00
b). 2nd Reminder. 42 days after due date £30.00
c). 3rd Reminder. 63 days after due date £42.00
d). Advice of Court Action. After a further 21 days plus Solicitor and Court Fees, and Interest.
Please note, with regards to d). no action would be taken without your prior written approval.
3). Due to any increase of costs, over which we have no control, such as changes in postal rates, we hereby reserve the right to make an additional administration charge for any undertakings or instructions received for issue, not specified in the above terms and conditions. This charge will be based upon the time and expense incurred in fulfilling these additional duties. This will also include requests for additional photocopies of statements, and other documents.(Charge not to exceed £5.00 + VAT per flat in any one instance) £5.00
4). Where NMC have to take action against a sub-tenant, the Landlord of the property in which the occupant is causing a breach will be charged for each occasion that such attention is necessary.
5). Registration of Tenants, where properties are let. £30.00
6). Staff Attendance at Evening Meetings £50.00
7). Emergency Attendance to Repairs £30.00
8). Dealing with protracted Leaseholder Correspondence £40.00
9). Inspections, Health & Safety Risk Assessments (3 visits pa each £40.00
10). Where NMC have been given Notice of Termination of this Agreement a charge will become due to prepare the handover of all documentation and possessions for collection by the nominated replacement. This will include an Accountants Certificate. £350.00
Schedule of Ancillary Solicitors Charges ( all plus vat )
Unless otherwise stated in the leases, in which case the higher of which will apply, the following:
1) Completion of Managing Agents’ Leasehold Questionnaire
required during sale of a property
2) Completion of Additional Enquiries ( each occasion ) £60.00
3) Registration of Deed of Covenant £50.00
4) Registration of Notice of Transfer or Assignment £50.00
5) Registration of Notice of Charge ( Mortgage ) £50.00
6) Registration of Stock Transfer and Issue of New Certificate £50.00
7) Issuing Indemnity and Undertaking in replacement of lost Share Certificate £50.00
Issuing copies of:
8) Complete Insurance Policy £25.00
9) Asbestos Report £25.00
10) Fire Risk Assessments and Certificates £25.00