We prepared a budget and had it agreed with the directors of the new Right to Manage company for the block. The budget highlights were as follows:
The service charge estimate for the current year is 28% lower that the previous year.
A contribution of £7,000 will be made into the reserve fund. A well managed block has a suitable reserve fund. We encouraged the leaseholders to agree to build up the reserve fund. It is these small things that make your investment stand out from the others. It is one of the top ten questions asked by flat buyer’s solicitors.
An £700 saving made on the fire alarm maintenance contract
£1300 was saved on buildings insurance.
£1300 savings was made on gardening and cleaning.
If there is money left over towards the end of the year then it will be used to invest in LED bulbs to try to reduce the annual electricity bill of £3600.

Regent Property assisted Laurie House with their Right To Manage process to enable them to take control of the building away from the freeholder and return the power to the property owners.

A formal RTM company was created and the residents now control the decisions for their own building.

Regent Property also covered all of the legal costs involved with this process and will be willing to do the same for other clients looking to initiate the RTM process