Why do you need a managing agent

Your property is part of a building or development with shared areas for which you have promised to pay a service charge (leasehold property) and a variable rent charge (freehold property).

Your Lease or Transfer document, registered at the Land Registry, sets out the services and the amount of your contribution either by percentage relevant to the size and tenure of your property, or equal share.

Service charges payable by Leaseholders can include:-

• Insurance for the building of which the property forms part, and liability insurance for the grounds that are shared by all the occupiers including 5 – 7 year insurance reinstatement valuation of the building
• Mechanical parts insurance and maintenance contracts, ie gates, lifts, water features and pumps
• Directors and officers’ insurance to protect the Directors of the Management Company
• Maintenance and cleaning of common parts (grounds, stairways, bin stores, access roads and paths, gardens, bike sheds etc)
• Window cleaning
• Electricity and water used in common parts
• Security and lighting
• Internal (including floor coverings) and external decoration of the building
• Annual health and safety / fire inspections, asbestos register, accident records
• Annual service charge accounts and company secretarial work
• The Managing Agents charges for the above

Rent charges payable by Freeholders can include:-

• Mechanical parts insurance and maintenance contracts, ie gates, water features and pumps
• Directors and officers’ insurance to protect the Directors of the Management Company
• Maintenance and inspections of common parts (grounds, access roads and paths)
• Annual service charge accounts and company secretarial work
• The Managing Agents charges for the above