Frequently Asked Questions
Many leaseholders purchase a leasehold property without fully being aware of their responsibilities or infact the rules and regulations that they need to abide by. Our team are happy to help with any queries leaseholders may have when living within leasehold properties, below are the most commonly asked questions answered. Should you require any further assistance please contact us.
Why do I pay a service charge?
Your service charge is your legal apportionment of the share of the costs incurred in maintaining, renewing, replacing and insuring the communal areas and structure of your building in accordance with the terms of your lease, for example, costs for cleaning the communal areas, ground maintenance, lifts maintenance, repairs and maintenance within the communal areas.
How do I know what my service charge is spent on?
At the end of each financial year, statements are prepared by an independent accountant showing income and expenditure for your property. The statements are circulated to all leaseholders, who can be provided with further details of any items of expenditure upon request.
How do I pay for my service charge?
As a leaseholder you will receive a service charge demand at the frequency your lease dictates, typically annually, half yearly or quarterly. You can pay the demanded amount either by standing order, telephone / internet banking or by debit or credit by either logging into your designated client login page or by calling our office. If you have any queries regarding your service charge account please contact us to discuss.
What if I have a maintenance issue?
As managing agents we would only become involved with an issue should this be within the communal areas or estate of the property. Anything maintenance related within your own apartment would be the responsibility of the owner. Should you be aware of a maintenance issue on site please complete our ‘Report A Problem’ page. Thank you
What is an anticipated service charge demand?
Most leases contain a provision for the Landlord/Management Company to raise anticipated service charge demands in advance of the year end to meet the expected expenditure to be incurred during the financial year of the development. Where a service charge is payable before the relevant costs are incurred, it must be a reasonable amount.
What is a balancing adjustment?
Best practice is for Managing Agents to produce year end accounts and service charge certificates within 6 months of the developments financial year end. Leaseholders have a legal obligation to contribute to their allocated proportion of actual costs incurred.The service charge certificate will detail the total payable by the leaseholder as well as the total anticipated service charges demanded during the related financial year. Should the proportion of actual costs incurred be greater than the total of the anticipated demands, the leaseholder will be required to make payment of the balance. However should the proportion of actual costs incurred be lower than the total of anticipated demands, a credit will be made to the leaseholders account to be offset against future demands.
What if I wish to make a complaint?
Inspired Property Management is committed to providing a high quality service to all of our clients. However we acknowledge that on occasion’s things can go wrong. When something does go wrong, we need you to tell us about it. This will help us improve our service. Please click here for the IPM Complaints Process