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service charge management

service charges are the life-blood of a thriving apartment block

Yet, poor service charge management is probably THE most common cause of leaseholder dispute today and is one of the biggest pain points in block management.

When Service Charges are badly managed, it can potentially bring an entire property to its knees by choking off cash flow. Suppliers don’t get paid, maintenance doesn’t get done, the property becomes unloved and ultimately it loses value. And that’s just silly because it can so easily be avoided.

Service Charge management for flat block

money matters

At PBM, we’ve got service charge management nailed. It’s not rocket science either. It’s about knowing your legal obligations, planning ahead and managing the money properly. Here’s how we do it:

  • Watertight fund management and budgeting
  • Using clever technology to speed up or automate Service Charge administration (things like issuing Service Charge demands and providing easy access to accounting information)
  • Speedy debt recovery
  • Designated bank accounts for Service Charge monies
  • Issuing annual Service Charge accounts no later than 6 months after the year end
  • Transparent accounting (all fees and charges are set out fairly and honestly for residents to see)
  • Regular contract tendering with suppliers to ensure all charges represent value for money

service charge management

In truth, if a leaseholder doesn’t pay their Service Charge, it is usually a sign that they are unhappy with some element of the block management or haven’t been given the right information to confirm that the Service Charges are fair and reasonable.

At PBM it’s our job to ensure this doesn’t happen. We keep the wheels turning by looking after money matters properly.

service charge management money box

PBM 2019 | T: 020 8236 1270