Resident Support Property Owners
As a property owner, it is necessary for you to have an understanding of what owning leasehold property entails.
WHAT IS A LEASEHOLD?
A leasehold is a type of ownership that entails a party leasing the right to occupy property to an individual(s) and is agreed upon via a lease. (For those in England and Wales) The lease is a binding document that outlines the relationship between the lessee (you) and the landlord or freeholder. It is crucial to familiarise yourself with your lease, as it contains specific covenants and defines your rights and obligations. Each lease can vary, and it’s important to understand the particulars as they apply to your development.
A common misconception when buying leasehold property means that the purchaser does not actually own the property. They own the right to occupy the property for the term defined in the lease.
SERVICE CHARGES EXPLAINED
Service charges are fees that property owners pay for the repair and maintenance of common areas. These charges are outlined in your lease or TP1 document and are calculated ahead of each financial year based on various factors, including contract costs and historical expenditure. Each development has its own unique service charge estimate.
EXAMPLES OF COMMON SERVICE CHARGE ITEMS:
- Gardening & Landscape Maintenance
- Cleaning
- Window Cleaning
- Water
- Electricity
- Repairs & Maintenance
- Lift Repairs & Maintenance
- Reserve Fund
- Accountancy Fees
- Bank Charges
- Health & Safety
- Buildings & Public Liability Insurance
- Management Fees
ANNUAL SERVICE CHARGE ACCOUNTING
At the end of each financial year, our accountants review all expenditures and prepare the service charge accounts for your development, which are then certified or audited by an external accountant. Each property owner receives a detailed statement along with an informative cover letter.
At Premier Estates, we believe residents should live in a well-maintained environment. As your managing agent, we always act in your best interests, listen to your needs, and act professionally and efficiently. We pride ourselves on offering an unparalleled level of customer service. Along with exceptional communication to our customers.
Access to a dedicated team
As a property owner, you have access to a dedicated team, including an estate manager and an estate coordinator. The estates manager conducts regular inspections and is always available for meetings on-site. Your estates coordinator is your first point of contact for any queries and can be reached via telephone or email.
For more detailed information on common queries, visit our FAQ page or log into our Residents Portal.
Get in touch Contact Us
You can contact us on 0345 491 8899
Or fill out our Online Contact Form
Credentials The Affiliations and Accreditations of Members of Premier Estates staff include…
