Non-Rent Monies

blog yellow circle pmgHere are various blog resources related to non-rent monies and payments, for example service charges, fees, and other costs and charges. These can be directly charged or hidden away, and are important to know what you may have to pay or might be able to charge another property interest for.

 

Agreeing the Best Property Management Fees

property management fees property management guideThe property management fees you incur can be very illusive, often just left as a rough benchmark of, say, 10% of something, or a one of cost of something else. As the nature of property management is both long-term and involving other bolt-on services, then it’s important to get right to the bottom of what the actual property management charges and costs will be for you. You can then go in correctly budgeted and being able to compare with other like-for-like proposals.
 
These tend to be charged by management companies or property managing agents, as the intermediary who manages property for clients. Individual property managers may work independently, but make sure you establish who the official entity is who carries out the...

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The Mysterious ‘Maintenance Charge’ for Your Home or Business

maintenance charge property management guideThese can be a real curve ball if you don’t expect them - suddenly being sent a ‘maintenance charge’ or ‘service charge’ from, say, a management company for so-called communal services on your estate. If you own a flat on a long leasehold then these make more sense for the communal running costs and service charge, but when you buy your own house freehold on an estate, to suddenly have these land on your door step can be frustrating.

They don’t tend to be huge amounts, often from £50 to £200 each year, but that’s still a lot when you don’t know what it’s for. You also tend to find them on newer housebuilder developments.

The 3 Popular Areas

The best way to describe how they often come about is to understand the three types of land...

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The Principles of Property Service Charges

stairs service charge property management guideIn a property context, service charges help spread the cost of looking after any communal or shared areas of a building between those who use and benefit from those areas. A block of offices or apartments would typically have a shared staircase and lift for everyone in the building; there would be shared walls and structural elements, and it may also have an external carpark and garden area.

All of these amenities must be maintained and serviced by the building owner or the management company, and although at first glance it may seem that the provision of these services is worth the tenants paying more rent for, the reality is that a completely separate service charge exists to cover these costs. This charge can vary significantly from...

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