Good estate management in Newmarket means redecoration comes in on budget
Posted: 16 April 2009
Encore Estate Management was awarded management of the service charge and estate by the freeholder of The Severals in Newmarket in 2006. The Severals consists of 18 apartments in two separate buildings and 14 townhouses.
Cost effective and professional management
of any development of leasehold residential property is paramount to provide a safe and well maintained location for the residents and also to protect, insure, maintain and improve the properties for the future.
Not all maintenance is routine. Nor does it all fall within the annual service charge budget. A good estate management company plans for large future expenditure such as a new roof,
the resurfacing of car parks, and replacement windows or electric gates.
Contributions are made annually to a sinking fund as part of the yearly service charge to either fund or part-fund these expenses. The frequency of some planned works, such as internal and external decoration of communal parts, is dictated in the lease, and typically happens every 4-5 years, though more modern buildings are now built with even greater ease of maintenance in mind.
Eagle-eyed passers by in Newmarket, and of course the residents themselves, will have noticed that The Severals is currently in full scaffolding. The Severals is a conversion of a period building in Newmarket by locally renowned developer Highland Homes. Phase one of The Severals was forced to retain many external wooden elements and features under planning restrictions, all of which require very specific and planned maintenance.
With works due, Encore sought a number of quotes and was able to secure an extremely cost-effective arrangement for residents. The project is now underway, with Encore managing the redecoration on-site and the health and safety of contractors, residents and Encore staff at the top of the agenda.
Frank Thompson, Encore's dedicated porter at The Severals, says: "it is wonderful to see the project in full swing. Residents are delighted, and I think it's going to make the world of difference to everyone."
Costs were part-funded through the building's sinking fund, with lessees making up the balance by way of an extraordinary service charge levy following the issue of a Section 20 Notice and a prescribed consultation period thereafter. This was deliberately scheduled to conclude ahead of spring 2009, allowing time to return the building to its former glory, ready for summer.
Please contact us for more information about planned maintenance, sinking fund contributions or general service charge and estate management.
