F12: New Developments from a Managing Agent's Point of View
Synopsis
This Guidance Note looks at the usual issues that arise for managing agents on new developments.
It is essential that the developers of new schemes involve a managing agent at as early a stage as possible so that long-term sustainable management arrangements can be set up.
Managing agents can assist developers to draft leases, decide on how service charges should be scheduled and apportioned on complex schemescomment on design to reduce capital and service charge costs, and recommend what long term governance arrangements make most sense.
Covering Topics
Overview
Void Service Charges
Management Agency Agreements
Lease Clauses
Apportionments of Service Charges
Audit/Certification of Service Charge Accounts
Assignment Restrictions
Administration Charges
Improvements
Insurance
RMCs
Variation of Services
Financial Year End
Cost Of FTT Proceedings
Cost of Chasing Arrears
Two- and Three-Party Leases
Phasing
Formation of Management Companies
Handover of Management Companies to Leaseholders
Snagging of Individual Units
Snagging of Common Areas
Long Term Agreements
Leasing of Equipment
Budgets for Service Charges
Reserve Funds
Further Information
Resource
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