Prime have a new block to add to our growing London portfolio – a 14 flat residential block in Shortlands, near Bromley.
We were approached earlier this year by one of the leaseholders who wanted to know if anything could be done about their high service charges and poor performance by their managing agent. The block was run by a local housing association and all the flats were shared ownership. There was also a separate freeholder, and the structure of the management meant that the leaseholders were paying considerably higher service charges than they needed to.
We recommended a right to manage claim (RTM) and progressed this for them at no cost. Shared ownership is no bar to RTM and the site was duly acquired by their RTM company in September 2016.
Having now prepared the service charge estimated budget for 2017, the change will mean that more than £3000 will be freed up from management fees to be spent on maintenance and improvements. For a 14 flat block this is huge amount of money and will make a great deal of difference.
We have recently upgraded the lighting within the block, and plan improvements to the interior and exterior decorations in the medium term. We’ve also changed the financial arrangements for the block, and made the service charge easier to understand so leaseholders can see how their money is being spent.
Property Management Bromley. Have a look and see what one of the directors thinks about us: https://uk.trustpilot.com/reviews/582357242ae760087caebcae