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Posts: 2 Newbie
Hi looking for some advice!
I have just brought a new build property which is on a private road. The developers have just sent through the costs for maintenance of communal areas and services, they have also given the option of being a director of a company, set up by themselves, where I can volunteer to be a director and each of the 10 houses have a 10% share in it. This would decrease the annual cost due to removing the management fee and the site visit charges.
Obviously this is more appealing due to the costs being lower but does anyone know what this will entail?
Any advise on this would be greatly appreciated as i have never done this before?!
Many thanks!
I have just brought a new build property which is on a private road. The developers have just sent through the costs for maintenance of communal areas and services, they have also given the option of being a director of a company, set up by themselves, where I can volunteer to be a director and each of the 10 houses have a 10% share in it. This would decrease the annual cost due to removing the management fee and the site visit charges.
Obviously this is more appealing due to the costs being lower but does anyone know what this will entail?
Any advise on this would be greatly appreciated as i have never done this before?!
Many thanks!
0
Comments
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You'll have to have all ten owners on board otherwise you could end up being the ones who have to chase payments for things. You'll need to go to resident's meetings to discuss work and contractors, search for your own insurance, deal with neighbours who want to take charge and do things their way.
Or you can all look for your own management company. I would be going down this route, as it will take away some of the hassle. I wouldn't revert automatically to the developers preferred management people.0 -
glasgowdan wrote: »You'll have to have all ten owners on board otherwise you could end up being the ones who have to chase payments for things. You'll need to go to resident's meetings to discuss work and contractors, search for your own insurance, deal with neighbours who want to take charge and do things their way.
Or you can all look for your own management company. I would be going down this route, as it will take away some of the hassle. I wouldn't revert automatically to the developers preferred management people.
So you reckon don't take on the company they have set up or do we have to take that on and get managing agent ourselves? They haven't given us much detail which is frustrating!
If we look for our own management company would it just be a case of getting quotes online etc?0 -
I do this
It's not too onerous and it's good to have a say in the way our estate is run, I'd strongly recommend getting a management company in. They'll do the dirty work like collecting service charges, chasing debtors, doing the accounts etc. They'll also be aware of any legal requirements
We had to go to tender for ours - but we are quite a big and complicated estate. You may be okay
If you can - and they are good enough - try to get someone local. Ours is in London (I am on the Kent coast) so getting the property manager in can be a pain0
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