Where an apartment complex exists more often than not a management company has been set up from the outset, in which each homeowner is a shareholder.
The management company is set up to take ownership of all communal areas within an apartment block such as hallways and stairwells as well as unadopted car parking areas and gardens.
A managing agent is normally appointed to manage and maintain these areas on behalf of the residents, ensuring that they are kept clean and in good repair. In addition to this, the agent will put in place the requisite cover for insuring the apartment building as a whole in the event of unforeseen events such as fire, flooding, etc
These costs are agreed between the agent and the shareholders at the companies AGM and are apportioned evenly between all homeowners in the form of an annual service charge. This is collected by the agent on behalf of the management company.
As agents, Broadleaf Property Management Ltd carry out the following services:
- Submit annual accounts and returns to Companies House
- Update company books where change in ownership occurs
- Issue new share certificates when properties change hands
- Run and operate exclusive client bank account for your development
- Call and attend Annual General Meetings, take minutes etc
- Collect all monies due in respect of annual service charge
- Debt collection of service charge monies owed