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.

The communal fire alarm system was found to be non-operational following a routine service visit and the replacement parts were obsolete, only 4 years after installation.

Conversations were held with the installers, manufacturers and the Freeholder of the building, whilst Red Rock applied to the FTT for Dispensation under Section 20ZA of the Landlord & Tenant Act 1985 with immediate effect.

Communication was sent to all Leaseholders to inform them of the issue. Red Rock updated and worked alongside the resident Directors and Leaseholders to ensure the fire alarm was replaced as quickly as possible to guarantee the safety of residents.

The FTT granted approval within a matter of days whilst the most competitive quotation was sought and instructed.

Red Rock over-saw access arrangements with each of the apartments and garages to ensure that the system could be tested and commissioned speedily. Whilst also making sure the work was carried out quickly, Red Rock ensured that the Management Company was compliant with all legislation and bylaws pertaining to The Landlord & Tenant Act and received many e-mails and calls of gratification for dealing with the issue quickly and efficiently.

We are managing the development on behalf of the Landlord and also collect the ground rent.