In the UK there are two types of property; ‘Freehold’ and ‘Leasehold’. Typically houses are freehold, so the purchaser has (in simple terms) the freedom to do what they wish with the property (subject to planning and conservation rules etc.). Leasehold property normally exists where the property is shared with others. So, someone buying a flat in a property containing others will be purchasing a leasehold property. Although they ‘own’ the property it will come with various rules and constraints that are generally set down by the property freeholder. The ultimate purpose of this is to ensure everyone can live harmoniously within the shared property.
In order to manage the overall property and to ensure all those parts that are not within the individual flats are maintained a management company is normally established. Members of the company will be comprised from the property leaseholders, with some or all being directors and therefore responsible for running the company day to day.
The responsibilities of the management company are set out in a document called the Memorandum and Articles of Association. This is also accompanied with corporate legislation that frames how a company must be run.
Day to day, most leaseholders actually have better things to do than spend time managing the property so they will delegate or outsource the responsibilities to a Managing Agent, such as PM Property Services.
As a full time professional, the Managing Agent undertakes the tasks of the Management Company, calling on the various contacts and resources that they will have developed. Also, through their professional bodies and associations they are fully up to speed with new legislation and requirements.
The relationship between management company and agent works best when there is a positive relationship between the two and the agent understands what the leaseholders want to achieve with the building. Equally the relationship requires an agent who has a genuine interest in their clients and want to provide them with a quality service.
PM Property Services takes a pride in servicing their clients, willing to hold meetings in the evening and weekends, and work to the management company agenda. If you want to find out more about how we can help you run your property please get in touch.