Resident support | Premier Estates Property Management Agents

Resident Support Property Owners

As a property owner, you must have an understanding of what owning a leasehold property entails.

What is a Lease?

A leasehold is a type of ownership that entails a party leasing the right to occupy a property to an individual(s) and is agreed upon via a Lease. (For those in England and Wales)

A Lease is a legally binding document. That defines the relationship between the party who has purchased the right to occupy the property and the party who owns the land. The occupier is referred to as the ‘Lessee’ and the owner of the land is the ‘Landloard’ or ‘Freeholder’.

A common misconception when buying a Leasehold property is that the purchaser does not actually own the property. They own the right to occupy the property for the term defined in the Lease.

The Lease for a property will contain covenants by which the parties defined within the Lease are to abide. We recommend that property owners familiarise themselves with the contents of their Lease as leases do vary from development to development. This document will provide you with an understanding of what your rights and obligations are.

If you own a Freehold property, your documentation may differ from that of a Leasehold property. It is likely that you will instead have a Transfer of Part (TP1) which again is a legally binding document. Like a lease, this defines the relationship. The relationship between the party who has purchased the property (Transferee), and the party who owns the land (Landlord, Freeholder, or Transferor).

Like a Lease, a TP1 will define each party’s rights and obligations. It is recommended that property owners familiarise themselves with their documentation. Your transfer documentation will specify if you are obliged to pay service charges, how they should be paid, and your proportion. It will also define what these service charges are utilised for.

Service charges are costs charged to property owners under the teams of their Lease or TP1. Who is required to pay for the repair and maintenance of common areas. Be these the common areas of an apartment block or the public open space or shared facilities on an estate.

Ahead of each new financial year, your Estates Manager will calculate a service charge estimate (budget). By reviewing known contract costs, known planned expenditures, previous years’ expenditures, and historical trends. Specifically for maintaining the development. A proportion of this service charge estimate is then charged to you as one of the property owners. This is based on the proportion your Lease or TP1 obliges you to pay. This is then charged to you on a frequency which again is defined by your Lease or TP1.

Every development has its own service charge estimate which is unique to that development.

Here are some examples of what you could expect to see in a typical service charge estimate, these included but are not limited to:

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

At the end of the financial year, our service charge accountants will collate and review all the expenditures incurred. This will include the expenditures over the past 12 months for the development. Then they will prepare the Service Charge Accounts for your development. Which will also be certified or audited by an external accountant. Once complete, these are issued to each property owner at the development. Accompanied by an explanatory 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.

As a property owner, you have access to a dedicated management team. This comprises an Estates Manager and an Estates Coordinator who look after your development. Your Estates Manager will attend the development on a regular basis to conduct an inspection. Should you wish to meet at the development, our Estates Managers are always happy to say hello and assist with any queries you may have. Your Estates Coordinator is your first point of contact for the development. They can be contacted via telephone or email, and all general inquiries should be directed to them

Need our assistance?

Our Resident Support team is here to help! Whether you have questions about the service charge for your development, the maintenance of your property, or your estates’ manager/ coordinator.

Explore our FAQs page to find answers to our most asked questions, or log into our Residents Portal.