Block Management Services
Over-stretched? It’s time to share the burden
We know the key to effective block property management is clear communication and transparency of information, coupled with understanding the needs of leaseholders.
Working in partnership with all of our clients, we ensure they know exactly how their property is managed and how their money is spent, as well as dealing with the essential paperwork that comes with managing a block of flats. We also believe our work improves quality of life and increases property values. As a result of this philosophy, over the past 25 years a large percentage of our business has come via recommendations and word of mouth referrals.
We manage blocks of flats ranging from small house conversions to large estates incorporating commercial premises, across Essex and the South East. With a dedicated team of property managers who regularly inspect the sites we manage, we understand that matters need be dealt with professionally and promptly.
By using local contractors vetted by us, we know the service you receive will be of a high standard and at an affordable price. By doing this we can keep costs down and deal with matters in a timely fashion.
Pace offers:
- Flat fee structure with no hidden costs or commission
- Regular clear, concise financial information when required
- Competitive costs for maintenance work using local contractors
- Well-maintained blocks
- Dedicated insurance broker sourcing low cost, high cover premiums
- Timely responses to requests
- A 24-hour emergency helpline, 7 days a week
- A dedicated Property Manager for your block
- Peace of mind – we help you with your legal responsibilities such as fire safety, asbestos, health & safety and companies house reporting requirements
Our belief is that by giving excellent customer service we will earn complete confidence which in turn brings customer loyalty. In this way, we are treating others the way we would like to be treated ourselves.
OUR COMMITMENT TO YOU
Why leaseholders choose PACE
We are industry-qualified and professionally equipped to help you take over the management of your block or to manage it for you. We can even negotiate the very best value for your property should you decide to sell. You need look no further for highly competitive terms and clear and honest guidance.
We combine traditional values such as honesty, fairness and respect, with the very latest training and technologies to deliver a superior level of service. Communication is the key to a well-managed development and we keep you informed every step of the way. Don’t just take our word for it, take a look at the testimonials from our clients who have trusted the successful management of their properties to PACE.
We also advise on and assist with lease extensions and freehold transactions. If you would like further information, please contact us for a free, no obligation review of your situation.
We are proud of our fully qualified, highly trained staff who are local market and industry experts. Their knowledge, drive and professionalism ensure your property is proactively looked after and your investment is protected.
But don’t just take our word for it, take a look at some of the many testimonials from landlords who trust the successful management of their properties to Pace; as well as the awards we have won for our lettings business. They are delighted with the standard of care and professionalism we provide and are more than happy to say so. We hope to warmly welcome you on board to find out for yourself.
Click here for further details of our fixed price block management fees.
Pace is a member of the Safeagent Scheme
This is run by a recognised industry body to provide accreditation and/or regulation. It is completely independent from Pace and they do not act on behalf of, or have a duty of care to us. In other words, our participation is solely to benefit the landlord.
Do you have a short lease?
It’s a little known fact that leases have an end date and if reached, ownership of the leasehold property will return to the freeholder.
There is usually no need to panic – these dates are often many years into the future and you do have a legal right to extend your lease or purchase the freehold. This is a complex subject and it’s important to take professional advice to ensure you pay a reasonable price for any changes negotiated.
Do you know the length of your lease?
Are you aware of the remaining term or expiry date of your lease? The longer your lease is, the less you will have to pay your freeholder for an extension of the term. At 80 years until expiry it becomes more expensive to extend your lease. If you have less than 75 years to run and you are trying to sell your flat, you may find purchasers expect you to cover the cost of the lease extension. Your mortgage company may also have rules regarding minimum lease length.
But don’t worry – the law is on your side, your mortgage company may help finance the extension and we are here to help. Call us today – we will be happy to review your current situation. Our expert team will give you clear, professional advice and outline the options you have to avoid any future issues with your lease.
Right To Manage
A ‘Right to Manage’ (RTM) lets some leasehold property owners take over management of their building – even without the agreement of the primary landlord.
The leaseholders in your building must send notice to their landlord if they plan to take over the building management. If the leaseholders are successful, the landlord will still own the building but the leaseholders will manage it directly.
This means the leaseholders will be collectively responsible for things such as:
- Collecting and managing the service charges from property residents
- Upkeep of communal areas (such as communal hallways and stairs)
- Upkeep of the structure of the building (such as the roof)
- Dealing with complaints relating to the building from other leaseholders
Right to Manage Companies
Under the right to manage established by the Commonhold and Leasehold Reform Act (CLRA) 2002, leaseholders may set up an RTM company, force the landlord to transfer the management of their building to it and follow a very clear set of procedures. The right to manage company can manage the building directly, or pay an experienced managing agent (Contact the Pace block management department here) to do it on their behalf.
You may be living in a property where a residents’ management company was set up when the estate was built with a clear set of rules laid out in the lease. Some people will have had to fight for their Right to Manage their block from their freeholder. Both sets of circumstances will usually have led to the formation of a formal limited company and companies need directors.
Directors are, in most circumstances, unpaid volunteers. Without them your valuable asset and its surroundings could sink into disrepair.
If you are thinking about becoming a Company Director, your first task should be to read a copy of the Memorandum & Articles of Association of the Company (Mem & Arts). The Articles of Association define the rules governing how the Company is to be run, including the directors’ powers and responsibilities. The Articles also set out how decisions are to be taken: for example, the procedures for calling a board meeting and how many directors are needed to vote on a proposal.
Secondarily, you may wish to attend a course on becoming a R2M company director here – The E-Learning modules are completely free, you can simply create an account and enrol for each module as you choose.
Residential Management Companies
A residential management company is a legal entity created in order to allow leaseholders to take over the management of their residential block or building. RMCs are non-profit companies and are usually originally formed by the building developer. Leaseholders then become shareholders of the company, on a “one flat, “one share” basis; shares in the RMC will usually pass to the new owner when a flat within the block is sold.
The Residents’ Management Company shareholders appoint a board of directors, who then hire a managing agent to facilitate a number of tasks, which may include:
- Maintenance and repairs of the communal areas, gardens, exterior of the building
- Collecting service charges
- Organising building insurance, rates, and taxes
- Entering into contracts for security or concierge services.
Because an RMC is a company, directors have clear obligations, such as filing company accounts, holding an annual general meeting, ensuring shareholders can use their voting rights, completing company secretarial duties and any other duties listed under the Companies Act 2006.
The duties and responsibilities of the RMC and its relationship with its shareholders is set out within the property lease agreement.
“In my opinion [pace] has been a real credit and asset. I also feel the block has benefited in value as a result of both the RTM being set up in the first place and by Pace themselves ever since.”
Mr Healy | Residents Association Member
Pace Block Management Services
Pace have a wealth of experience in all aspects of block management, from the initial set up of RTM companies, operational property management of building maintenance services and legal compliance matters. Talk to us today (or complete this form) and we can begin to help you understand the options ahead of you and advise on the best course.
