Preparing Service Charges | Ground Rent Demands | Recovering Service Charge Arrears | Buckinghamshire

Bank Account and Financial Reports

At Neil Douglas, every development has one or more dedicated client bank accounts to ensure security and peace of mind around their finances. Service charges and ground rents (if applicable) are paid into the accounts and it is used to settle all bills on behalf of the management company. Every month, bank accounts are reconciled and a financial report is prepared and sent to our clients.

Annual Budgets and Forecasts

We collaborate with the directors of each development to draw up an annual budget for the property. This budget will encompass the setting of the service charge, actual or estimated costs to cover insurance, utilities, maintenance, gardening, cleaning etc. We will also include estimated funds to cover future re-decoration and other major works, ensuring that money is accrued to fund any projects.

Preparing Service Charge or Ground Rent Demands

In the interest of protecting clients and residents, any demands for service charges and ground rents have to be prepared carefully and include prescribed information. The lease will usually dictate when and how frequently demands for payment are sent. Many management companies permit payment of service charges in instalments by monthly standing order, which is often easier for leaseholders. As part of our service, we are happy to take on the administration and implementation of this process for our clients.

Recovering Service Charge Arrears

Occasionally, a small number of leaseholders may fall behind in their service charge payments leading to a build-up of arrears. We understand that financial difficulties or unexpected circumstances may lead to this unfortunate situation so always work to deal sympathetically but firmly with the issue.

If a payment is missed we will send a polite reminder, followed by subsequent letters of increasing severity if still not received. We will always work to engage the leaseholder over the telephone or email to gain a deeper understanding of the problem at hand and work with them to put in place a plan for payment. As a last resort and where the leaseholders is not communicating with us we will refer the case to a solicitor specialising in recovering service charge arrears.

Preparing Year-End Accounts and Returns

Regular recording of income and expenditure on behalf of the development makes preparation of year end accounts as simple and stress free as possible. We are happy to work together with your existing accountants or to recommend one of our trusted accountants who specialise in this area.

Service Charges, Ground Rents and Financial Matters

Bank Account and Financial Reports

Annual Budgets and Forecasts

Preparing Service Charge or Ground Rent Demands

Recovering Service Charge Arrears

Preparing Year-End Accounts and Returns