Management fee for Flats

skyjumper

I have started a related thread in the Banking Forum regarding Standing Orders. this one is regarding the management fees.

this is the first time I'm dealing with the Management Company for the Flats

1. the management fees - around 900 pa, they want us to pay in 6 instalments from Jan- June. My understanding was that it 's an annual fee and has to be paid on a monthly basis in 12 months

2. they are charging for stting up SO with the bank .asking us to do all the paperwork and sent it to our bank, but will charge £29.50 as 'admin' fee

any similar experiences, please comment.

any advice, really appreciated

got the letter only today and will be calling them in the 0845( of course https://www.saynoto0870.com) first thing monday morning to clarify this, but like to gather any info before talking to them

jo1967

Check your documents regarding the charge - it should state how often the charges are payable - annual charges can be paid yearly, half yearly, quarterly, six monthly. However your managment company may be happy to take 12 payments instead of 6 (I work for a chartered surveyors & we manange many of these type of properties. In the current situation we are happy to get regular affordable payments from people).

But remember the only money that the Management Company have to pay the bills is that which is paid by the residents and they must have sufficient funds in place before instructing any work to be done.

As for the charge for setting up the S/O it does seem steep considering no one but you can set it up - exactly what are you paying for?! We send out a standing order form and leave the resident to it!!

The best thing is read all your documents relating to the charge very carefully and go back to your solicitor if in doubt.

Good luck!

socrates

Seems steep to me