Mr Hanson Posted December 14, 2007 Report Share Posted December 14, 2007 I am the top part of a converted terraced property - the management fee is being charged at £800.00 for doing very little other than collecting the service charges and last year arranging an asbestos survey which was charged for separately. Does this sound reasonable and do they have to justify their fees Because of this very little goes into a repair pot !!!!!! Thank in advance MR H Link to comment Share on other sites More sharing options...
Matthew Posted December 14, 2007 Report Share Posted December 14, 2007 This is a bug bear of mine. I have learned to live with the fact that the service charge is just a contract I have signed to give an amount of money away in return for nothing. Not sure of the size of the building, how many flats etc......but in general if any work needs doing you will have to pay for that regardless of these monthly payments. Of £10K per annum which goes into the buildings pot in my flat, only £2,000 is for repairs and everytime work is required we have to pay for it. Luckily mine is only about £100 a month(period conversion), new builds tend to be £200 per month.....plus if any work required, you pay a share, this month I was billed for £350. This is why I wouldn't be surprised that in 20/30 years these new builds will be knocked down. I read of one couple who bought a £200K flat and after 3 months were ordered to pay £26K for maintenance on top of the £200 per month. There are options of actually being a director of your block whereby you can manage this. I feel this is the only option for getting value for money.....However expect it to swallow a lot of your time - which is probably more valuable. Others will have more info on this as I have never had the time to investigate it fully. Regards, Mat. Link to comment Share on other sites More sharing options...
SPEEDTWIN Posted December 15, 2007 Report Share Posted December 15, 2007 Bear in mine the managment company have to plan ahead and if they say the roof needs to be done in three years time they have to build up the pot and you should get yearly accounts to tell you where the money goes Link to comment Share on other sites More sharing options...
simhar Posted December 16, 2007 Report Share Posted December 16, 2007 Very good point ! cheers simhar Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted December 16, 2007 Report Share Posted December 16, 2007 Very good point ! cheers simhar unlike the above which would appear to be a pointless post Link to comment Share on other sites More sharing options...
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