Management Company being elusive about house kitty??
Discussion
A mate of mine has enquired about the house kitty for the set of 4 flats (including his own) in a terraced house in London... Said company have said that they took over 1 year ago (just about the time when he bought the place) and now he wants to see how much is in there for things like brick work etc...
The management company have since issued a kitty request for £4k (£1k per flat) and not answered his request of what happened to the money in the original kitty.
They are umming and arring and not replying to emails being difficult to get hold of on the phone and then being evasive when directly asked and he gets told that they will be in touch and then nothing.
They are demanding the money and he is refusing to pay as the previous owners of his flat and the one above him have said no work has been don in at least 10 years, this is evident by the communal areas and the paint work outside...
So in theory there should be some money in the account and at the very least there should be some money passed to the current management company form the old one, they now say it was £0, but havent given any details or statements.
What would be the next step that he has to do to track it down?
Both property management companies still exist and have websites, he is now a little pisse off at the lack of information he is now getting out of the current property management company.
I must point out the other 2 flats are let and the owners are not in the country so getting hold of them will be alittle difficult.
Seems strange to me as to the property management company being like this.
And yes I told him he should have checked when he got there and moved in a year ago, but hindsight is a lovely thing.
The management company have since issued a kitty request for £4k (£1k per flat) and not answered his request of what happened to the money in the original kitty.
They are umming and arring and not replying to emails being difficult to get hold of on the phone and then being evasive when directly asked and he gets told that they will be in touch and then nothing.
They are demanding the money and he is refusing to pay as the previous owners of his flat and the one above him have said no work has been don in at least 10 years, this is evident by the communal areas and the paint work outside...
So in theory there should be some money in the account and at the very least there should be some money passed to the current management company form the old one, they now say it was £0, but havent given any details or statements.
What would be the next step that he has to do to track it down?
Both property management companies still exist and have websites, he is now a little pisse off at the lack of information he is now getting out of the current property management company.
I must point out the other 2 flats are let and the owners are not in the country so getting hold of them will be alittle difficult.
Seems strange to me as to the property management company being like this.
And yes I told him he should have checked when he got there and moved in a year ago, but hindsight is a lovely thing.
Does the management company provide cleaning services for common areas? Garden services for the outside parts? An emergency facility for 24 hour reporting of problems or emergenices? These will all incur charges. There will be management fees as well. Even if they decide that "nothing needs doing". So an original budget might well require topping up.
But I see no reason for them being elusive about the kitty.
BTW, at first I thought this was a thread about someone wanting to bring their cat into a flat...
But I see no reason for them being elusive about the kitty.
BTW, at first I thought this was a thread about someone wanting to bring their cat into a flat...
RichBurley said:
Does the management company provide cleaning services for common areas? Garden services for the outside parts? An emergency facility for 24 hour reporting of problems or emergenices? These will all incur charges. There will be management fees as well. Even if they decide that "nothing needs doing". So an original budget might well require topping up.
But I see no reason for them being elusive about the kitty.
BTW, at first I thought this was a thread about someone wanting to bring their cat into a flat...
Its being elusive about the missing kitty when they took management of the property, hes already pissed with them for the £300 a year 'drain cleaning they do' but dont do anything and then there is the Fees for Admin (contractual and non contractual)..But I see no reason for them being elusive about the kitty.
BTW, at first I thought this was a thread about someone wanting to bring their cat into a flat...
I have the same issues with mine and they are having to do a full breakdown and explain why admin fees are £900 a year... think mine hate me!!
I understand they are obliged to keep accounts, however, I don't know what rights one has to see them etc. Mine sends statements throughout the year and a full set at year end
Some management companies are total cowboys, it is possible to ditch them if you can get all residents agreed.
Some management companies are total cowboys, it is possible to ditch them if you can get all residents agreed.
Neil H said:
I understand they are obliged to keep accounts, however, I don't know what rights one has to see them etc. Mine sends statements throughout the year and a full set at year end
Some management companies are total cowboys, it is possible to ditch them if you can get all residents agreed.
The issue he has is that 2 places are rentals one is with a new person (yet to move) and he has the final one.Some management companies are total cowboys, it is possible to ditch them if you can get all residents agreed.
He wants to know his rights to find out why £0 is in the kitty to start with when they took over and why they didnt query it and why there was no inspection of the property and asking if there was nothing done (can be seen) why there is nothing in the kitty.
A friend has ongoing problems with his flat and I have become involved in a few bits of research on his behalf.
The management company have to provide audited accounts every year - you can ask to see the relevant paperwork.
Any sums greater than £250 have to be agreed by the leaseholders, with quotes submitted for work to be carried out.
If you have not recieved audited accounts for the last financial year, then I would not pay anything until they do so - you are not obliged to do so under the terms of the LTA.
There is tons of info out there, and a good many helpful sites.
The management company have to provide audited accounts every year - you can ask to see the relevant paperwork.
Any sums greater than £250 have to be agreed by the leaseholders, with quotes submitted for work to be carried out.
If you have not recieved audited accounts for the last financial year, then I would not pay anything until they do so - you are not obliged to do so under the terms of the LTA.
There is tons of info out there, and a good many helpful sites.
Aren't the management company (under the lease) obliged to decorate internal and external areas every x years and if not, would they not be in breach of the lease? It was in our lease that the management company had to do this.
I lived in a flat previously for 7 years and had a crap management company who would send a guy from Horsham to near Brands Hatch just to change a lightbulb, then the guy would get there, not have the right equipment or some other excuse and have to come back another day. I HATED them and I would never ever ever ever buy another flat with a f
king crappy money sucking management company. They even sent a cleaning company to come and paint the communal doors - it was such a poor job, we all complained, then had to have the doors inspected etc etc. My blood pressure was sky high most of the time lol. Even just reminising has got my blood boiling.
When I sold in November last year, they were meant to complete the outside decoration by the end of 2008 but they didn't. Now I am buying a house with no fking management company! WOo hoo
Don't know if this is any help whatsoever but I enjoyed the vent.
I lived in a flat previously for 7 years and had a crap management company who would send a guy from Horsham to near Brands Hatch just to change a lightbulb, then the guy would get there, not have the right equipment or some other excuse and have to come back another day. I HATED them and I would never ever ever ever buy another flat with a f
king crappy money sucking management company. They even sent a cleaning company to come and paint the communal doors - it was such a poor job, we all complained, then had to have the doors inspected etc etc. My blood pressure was sky high most of the time lol. Even just reminising has got my blood boiling.When I sold in November last year, they were meant to complete the outside decoration by the end of 2008 but they didn't. Now I am buying a house with no f
king management company! WOo hooDon't know if this is any help whatsoever but I enjoyed the vent.
Edited by cslgirl on Monday 21st December 18:30
I myself own the leasehold of a flat, which is within a block totalling 4 flats, and managed by a Management Company.
The leaseholders having formed a Limited Company, with each Leaseholder being made a Director of that Company, and the Company employing a Management Company to carry out the administration/secretarial duties.
Each year the Management Company are suppose to issue annual trading accounts, together with estimated expenditures for the following accounting/trading year, both the former and the latter being both discussed and approved at an annual company meeting, the same being arranged by the Management Company.
They say life is about “live and learn”, for one i bitterly regret ever buying a leasehold flat, for the past few years has been for me an absolute eye opener and nightmare, not just with the Management Company, but also with dealing with the other leaseholders.
For the OP’s interests I list the following link that will offer him further advice, and should you require any further info, then please do not hesitate in contacting me.
Link; http://www.rpts.gov.uk/
The leaseholders having formed a Limited Company, with each Leaseholder being made a Director of that Company, and the Company employing a Management Company to carry out the administration/secretarial duties.
Each year the Management Company are suppose to issue annual trading accounts, together with estimated expenditures for the following accounting/trading year, both the former and the latter being both discussed and approved at an annual company meeting, the same being arranged by the Management Company.
They say life is about “live and learn”, for one i bitterly regret ever buying a leasehold flat, for the past few years has been for me an absolute eye opener and nightmare, not just with the Management Company, but also with dealing with the other leaseholders.
For the OP’s interests I list the following link that will offer him further advice, and should you require any further info, then please do not hesitate in contacting me.
Link; http://www.rpts.gov.uk/
Gassing Station | The Lounge | Top of Page | What's New | My Stuff