Leasehold Management, Property Management, Estate Management or most commonly known as ‘Block Management’ is when a company has been appointed to take care of the communal areas of residential properties. In terms of managing these properties, this includes service charge collection, ground rent collection, insurance and communal maintenance.
A significant area of block management is preparing budgets and following legislation, whilst ensuring that both freeholder and leaseholder receives value for money with the service charges that are put in place.
Works on a development that a Block Manager would be responsible for can range from communal cleaning, gardening, emergency works as well as painting and decorating. However, the amount and type of work will vary in relation to each individual lease. Even though the lease relates to a block of apartments, each individual lease can stipulate different clauses within a lease.
Leasehold apartments can be in purpose-built developments, converted houses or above commercial spaces. If a property is purchased as a leasehold, the structure and common parts of the building, as well as the land it sits on are usually owned by the freeholder. Therefore the leaseholder essentially rents from the freeholder for a number of years and when the freeholder grants a lease, they technically become a landlord.
The freeholder, would be responsible for the maintenance and repair of the building in which any associated costs with this are recoverable via ‘Service Charges’ and billed to the leaseholders. These are payments required by the leaseholder to the freeholder. The details of what is charged would be detailed in each lease.
If the development you reside in is managed by Seraph we will ensure that the building and common areas are maintained in accordance with the terms of your lease.
For any Block Management queries or if you would like to discuss how Seraph can manage your building, don’t hesitate to contact us.