Management
The ongoing management of any development is critical to its long-term success and the future happiness of its owners.
The Property Manager
The main function of the management company is act on behalf of the owners to ensure the ongoing care and management of the communal and areas.
White Rose Property Management based in Acomb, York will be employed by the Management Company on behalf of the residents. and to undertake the following tasks:
- including Act as the registered office and company secretary of the company;
- Coordinate annual residents meetings;
- Set an annual budget and service charge for the forthcoming year;
- Collect the service charge, keep and prepare annual accounts on behalf of the company via the company accountant;
- Obtain any estimates, oversee works and pay invoices when required; and
- Deal with all administrative and statutory requirements.
Service Charge
The service charge paid three-monthly in advance will cover requirements listed in the table below. The budget cost for the first year will be:
| Service Charge Breakdown |
1 Bed |
2 Bed |
| Insurance |
£1.39 |
£1.79 |
| Directors Insurance |
£0.87 |
£1.12 |
| Accountancy |
£0.50 |
£0.65 |
| Company Return |
£0.06 |
£0.08 |
| Communal Electricity |
£1.06 |
£1.37 |
| Communal Water |
£0.17 |
£0.22 |
| Communal Cleaning / Gardening |
£1.49 |
£1.92 |
| Repairs |
£0.53 |
£0.69 |
| Painting Fund |
£0.64 |
£0.82 |
| Repairs Fund |
£0.53 |
£0.69 |
| Sundries |
£0.21 |
£0.27 |
| Property Manager |
£2.20 |
£2.84 |
| Total cost per week |
£9.64 |
£12.47 |
This is calculated on the relative floor areas of each apartment.
Ground Rent
Will be nil as the management company will own the freehold for the equal benefit of the residents.