We have experience in managing property for a variety of clients: private freehold investors, national developers, Residential Management Companies and Right to Manage Companies. Our team manage small blocks with simple service charge calculations right through to large developments with complicated multi-schedule service charge apportionment.
Block & Estate Management is a Specialist Discipline
We are aware that some others companies may not recognise this so you need to be sure that you are working with a team of experienced property managers, who understand the legal framework in place to deliver you with the service you and your building deserves.
An experienced block manager complies with the Royal Institute of Chartered Surveyors (RICS) Service Charge Residential Management Code. Additionally, members of the RICS and Institute of Residential Property Management (IRPM) are subject to further controls and scrutiny from their respective institute for the benefit of clients. These extra regulatory measures help to provide proven safeguards, security and peace of mind to all involved including a money protection scheme for all Watsons clients.
At the start of each financial year, we prepare a comprehensive estimate of the likely expenditure on your property. At the end of the year, we produce an end of year statement of actual costs so you know exactly where things stand. Service charges are part of leasehold living. Charges collected by Watsons are used to pay for things like insurance and taking care of the communal areas in your property as well as holding reserves for unexpected works that could occur during the year.
We ensure that your block is always cared for with the utmost attention to detail, and that your residents and leaseholders are safe and secure. No one likes paying more than they have to, so we work hard to give you the best value for your service charge. We also recommend you have a reserve fund in place to take care of long term or emergency maintenance and redecorations, protecting leaseholders from a sudden large bill.
Our dedicated Client Finance Team takes care of your service charge accounts, but you’re in control. We’ll give you the financial information you need when you need it, be that a report to show actual service change expenditure against a forecast, or a full set of accounts. We can even sort out the mess left behind by previous managing agents and manage a reasonable but robust debt collection process for defaulting lessees. We have internal credit controls as well as external debt collection agencies who ensure prompt payment by all lessees to avoid any financial shortfalls. Such payment problems and disputes over finances can cause friction amongst those responsible for the management of the block and leaseholders as well as placing pressure on available reserves and cash flow. Robust systems are put into place by Watsons to plan and smooth the way for the future. These management procedures are essential and should include budgeting and collecting monies required for works and services.
Taking care of your money is an important responsibility that we take very seriously. Your money is held in a client’s bank account identifiable to you personally and separate from Watsons’ money. Any interest your money earns is credited to your account. We’re regularly audited and inspected by the Royal Institute of Chartered Surveyors (RICS) and your money is held in accordance with their regulations. We are also covered by the RICS Client Money Protection Schemes so no matter what happens, your money is safe.
In-depth experience managing a variety of clients
At Watsons we have a full understanding of how the lease permits the maintenance charges to be raised, in advance or arrears. We recognise that arrangements must also satisfy current property services legislation covering service charges. It is a requirement that there must be sufficient accounting procedures in place to provide final accounts and the annual statutory summaries to the leaseholders. The recent technical release by the ICAEW in conjunction with the joint working group comprising of members from the Association of Residential Managing Agents (ARMA) and the Royal Institution of Chartered Surveyors (RICS) provides best practice guidelines to this complex facet of residential property management.
We are responsible for ensuring that accounts are clearly defined, protecting leaseholder funds in a suitable client account for the sole purpose of maintenance and management of the property in accordance with the lease and relevant statute.
We have experience in managing property for a variety of clients; private freehold investors, national developers, Residential Management Companies and Right to Manage Companies. Our team manage small blocks with simple service charge calculations right through to large developments with complicated multi-schedule service charge apportionment.