Service Charges explained: A quick and simple guide
It's common for freehold property owners to charge leaseholders and tenants a service charge. This transaction is typically handled by a local residential block management company.
But many homeowners or landlords are left unsure of precisely what service charges are for and why they need to be paid. This can lead to frustration, particularly because the benefits of service charges aren't always visible. And since these feelings are often directed at you as the freeholder, it helps to have a clear knowledge and understanding of their value.
What do residential block managers do?
Running a residential block and dealing with tenants is time consuming and skilled work - especially when it comes down to learning and understanding the ins and outs of constantly changing legislation and regulations. If you are a landlord or in charge of a residential block, you may have heard that getting a residential block manager’s help could save you a lot of hassle. But what do residential block managers actually do? And why might you need one?