Budgeting & Cashflow Management

Service charge budgets are prepared by the Property Manager in consultation with you as our client, and with our accounts department.

This is usually done two months before the year-end which gives our clients enough time to review budget items and notify leaseholders of any changes.

Saving through bulk procurement

It is essential that service charge budgets are properly structured and set at levels which will provide for all  required services. Our bulk purchasing strategies mean we can offer several cost certainties across different types of expenditure, making substantial savings in areas such as lift maintenance, M&E, insurance and utilities.

Dedicated credit control

Cashflow is clearly vital to running a building smoothly. So we have a dedicated credit control department to ensure that service charges are collected as quickly and efficiently as possible.

To closely monitor any arrears, every property has a dedicated credit controller who deals with specific lessee cases sympathetically and constructively. Demands for service charges and rent are usually issued four weeks before the due date in accordance with CLRA provisions, followed by a reminder letter if payment has not arrived. If payment is not made within 14 days thereafter, the matter is usually referred to Litigation Solicitors for recovery action.

Investing for the long term

We continue to make significant investments in our staff, IT and financial management systems. Together with our internal financial controls and procedures, this enables us to provide you with accurate, comprehensive and timely reporting.

Receipts and payments are processed speedily through client accounts, while contractors' payments are handled by a dedicated bought ledger department. All invoices are authorised by the Property Manager responsible for a specific block, then countersigned by a team leader before payment is made. Any payments to contractors of more than £2,000 have to be personally authorised by a Director.