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  • Estate management Buckinghamshire, Aylesbury
  • Block management Buckinghamshire, Aylesbury
  • Flat management  Buckinghamshire, Aylesbury

Service Charges, Ground Rents and Accounting

Bank Account

We open and operate one or more dedicated bank accounts for all our clients, which are used to receive service charges and / or ground rents, to pay bills and to hold the company reserves. We encourage leaseholders to pay electronically by standing order or bank transfer and we also pay contractors by bank transfer where possible.

Regular Financial Reports

Bank accounts are reconciled on a monthly basis and typically we will prepare a monthly report for Directors, except where a development may have a limited number of transactions, in which case, a quarterly report is more appropriate. Financial records are held at our offices and are available for inspection at any time by Directors or Leaseholders.

Annual Budgets and Forecasts

Each of the developments we manage has an annual budget, which we draft and then agree with the Directors. This budget will include the setting of the Service Charge (if applicable), actual or estimated costs for insurance, utilities, cleaning, gardening etc. We will also estimate what funds will be required in the future for re-decoration and other major works and ensure that money is accrued to pay for this. Typically this budget is discussed with other Leaseholders at the AGM.

Preparation of Service Charge or Ground Rent Demands

Demands for Service Charges and Ground Rents have to be prepared carefully and include prescribed information about tenants’ rights and responsibilities. If information is out of date or incorrect it could mean efforts to recover services chargers from non-payers are hampered. The lease will usually dictate when and how frequently demands for payment are sent. Many Management Companies permit payment of service charges in installments by monthly standing order which is often easier or leaseholders and reduces the number of people in arrears. We are happy to implement or administer this for our clients.

Recovery of Service Charge Arrears

A small number of leaseholders in the developments we manage struggle to pay their service charges or do not prioritize service charge payments. If not addressed substantial arrears can build up. Our approach is to deal sympathetically but firmly with this issue. If we do not receive payment when the service charges are due we will send a polite reminder, if this is still not responded to we will follow up with a series of more strongly worded letters. We will try and engage with the lessee by telephone and email if we have these details to try and understand the problem and put in place a plan to facilitate payment where possible. As a last resort and where the Lessee is not communicating with us we will instigate legal action using the Money Claim Service (some times known as the small claims court). This process will often bring the issue to a head and allow us to resolve it.

Preparation of Year-End Accounts and Returns

During the course of the year we will be recording income and expenditure on behalf of the development and so it is simple to provide the required information to an accountant in order for the year-end accounts to be prepared and submitted to Companies House. We are happy to liaise with your existing accountants or to recommend a cost effective firm of accountants who specialize in accounts for Residents Management Companies.

If you appoint us as Company Secretary we will also be able to complete your Companies House Annual Return.

Monthly financial reports

Monthly financial reports

Service charge demands

Service charge demands

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