Many letting agents pick up block management almost by accident — a landlord owns several flats in a building and asks if you can take care of the wider block. Before you say yes, a few essentials.
The lease is the rule book
Every block management decision flows from the lease. Read the lease carefully before quoting; the schedule of services owed is sometimes broader than expected.
Service charge accounting is regulated
Service charge monies must be held in a separate, designated account. Accounts must be issued annually. Failure here has been known to bankrupt small management companies.
You probably need RICS membership
Most professional block management is carried out by RICS-qualified surveyors. If your branch is not, partner with a firm that is rather than learn on the job.
