What is a management fee and what does it pay for?
What is a management fee?
The management fee is paid to Anstey as a part of your service charge and covers the costs of a whole range of activities that are carried out by Anstey to manage your block or development.
What do management fees pay for?
The management fee pays for key services ranging from financial tasks for instance setting annual budgets and collecting service charge funds to management tasks which include anything from arranging repairs and maintenance work to site visits and dealing with any matters that arise.
Listed below are some of the services that are typically covered by the management fee. Please note these aren’t all the services that are covered some blocks or developments may receive more or less services depending on their management fee and what has been agreed.
- Managing the development or block specific bank account
- Preparing and issuing of service charges, forecasts and year end accounts
- Collecting service charges, ground rent (if applicable) and transferring to the block or developments specific bank account
- Daily reconciliation of client bank accounts
- Debt collection and arrears collection
- Employing and consulting with property specialists such as surveyors and engineers
- Providing our out of hours and report a fault services
- Enforcing covenants and dealing with breaches of the lease
- Site visits and property inspections
- Dealing with any ad-hoc maintenance matters that arise
- Management of contractors, maintenance contracts and preparing specifications for works
- Arranging block building insurance
- Arranging public liability insurance
- Assisting with communal insurance claims
- Compliance with relevant company and property law
- Compliance with health and safety legislation
- Adhering to standards set by regulating bodies we are members for example ARMA (The Association of Residential Managing Agents)
- Arranging heath and safety and fire risk assessments of the communal areas
- Reviewing and coordinating works resulting from the undertaken assessments
- Dealing with solicitors enquiries when clients buy and sell properties (LPE1)
- Dealing with routine matters that arise whether that be in regards to general, financial or legal
- Our client portal, report a fault and out of hours’ services