Modern Housing Development: One Bedroom Flats to Four Bedroom Houses
A modern development of in excess of 400 properties a mixture two/three bedroom freehold houses, one/two bedroom leasehold mews houses over small garage blocks and twelve leasehold blocks of one/two bedroom flats.
Temples were approached to present to the residents association along with three other estate management companies on how the residents could have a more hands on approach to manage the development and remove the original management firm.
During Temples detailed presentation Temples were the only firm to identify the inaccuracies of the service charge breakdown, the true financial position of the management companies service charge funds and reserves.
The previous managing agent had effectively overdrawn the service charge account by in excess of £70,000.00 and ceased to provide basic cleaning, building maintenance and grounds maintenance services while charging for them. They had also allowed the sale of properties to complete with significant service charge arrears.
Temples were appointed by the members and board unanimously and set about re-appraising each property on the site and calculating a bespoke service charge budget, resolving the arrears situation and financial “mess”. Subsequently the services, maintenance and refurbishment of gardens/grounds and communal areas was completed. All this has been achieved with a tight hand on the finances and a costed service charge budget.