As your managing agent, part of our role is to collect the service charge and/or ground rent and manage the service charge budget. We collect over £11m in annual service charges, and we process over 20,000 service charge invoices every year.
We believe that total transparency is the only way when dealing with your money. Funds are held in designated Section 42 trust client accounts and are administered strictly in accordance with the RICS Code of Conduct.
Our property management system is Qube, which is linked through to our client Bank Account in Natwest. As a business we corporately bank with Lloyds, but wished complete division when handling client funds, hence a different provider.
The very fact that as a business we have chosen to keep your client monies with a different bank to our own business we believe speaks volumes as to the level of security we wish to provide to our clients.
The Accounts team work alongside our Property Managers and cover the following services:
- Loading the service charge budget
- Issuing service charge demands with s153 Notices
- Payment can be made electronically, standing order, credit or debit card
- Credit control and where administrative fees are incurred issuing s158 Notices
- Collecting Ground Rental through s166 Notices
- Bank Account reconciliation
- Regular contractor payments every 2 weeks
- Client Reporting including budget against actual, and service charge debtors
- Liaison with year end accounts/ auditors
- All Interest on client accounts whether in deposit or current account, earn interest for the client, and not ourselves
If you would like to find out more about client accounting, please contact us.