Love Your Own Block - A Remotely Managed Service
Why choose Love Your Own Block?
Love Your Own Block is typically for smaller blocks or for blocks who feel like they are classified as ‘low maintenance’ and that they can manage any maintenance and repairs they do have to save some money on their Managing Agent’s fees. It’s important to note that we will be there for you when you need us, and quietly behind the scenes supporting you when you don’t. We will still complete all the company administration as well as responsible financial management.
What will you do for us?
We will cover all the administrative points (and more!) of running your company for you, here are some of the services that we will be completing for you:
The administration for managing the Resident’s Management Company. Including Service Charge Accounting, filing the annual Confirmation Statement and other company secretarial duties.
Arranging and collecting your Service Charges and sending out the reminders
Managing your bank accounts
Managing your shared services for you – such as water, electricity, central cable TV etc
Tracking any Debt Collection required
Advising on Health and Safety, once you have your assessment back from the experts
Helping you with your financial planning and budgeting of Service Charges
We arrange your Annual Meeting and send out your notices. This ensures that residents know when it’s happening, and that you as Directors can focus on running the meeting.
What will we have to do if we are a Love Your Own Block client?
There are three main areas which our LYOB clients are responsbile for, qualifying them for the Love Your Own Block Service:
If you consider yourselves a ‘low maintenance’ block or like to be more hands on in getting things sorted, then you are able to take advantage of this lower cost service by handling the management and repairs in your block, and engaging your own maintenance contractors. You just need to forward the bill to us for payment.
As per the terms of your lease, you will need to arrange a Health and Safety Assessment, and nominate a 'responsbile person' for the block. Normally this is a once a year activity and as a bolt on service we can help you interpret the report if you need support in this area.
You will be responsible to hold your own Directors Meetings and once a year to run your Annual General Meeting. We will help you by sending out the AGM notice of invitation and minutes after the meeting. If you need support in this area we can help you with a bolt on service with one of our Directors hosting meetings via teleconference.
How many flats in a block would you advise for Love Your Own Block?
We have a variety of clients that find this service is appropriate for them. We have small Victorian terraces and conversions between 2 and 8 flats who enjoy the service, and then we have larger blocks with a group of involved residents who like to be more hands on with their block of between 9-20 flats. We do find that when you get to around 20 flats it is more ideal for us to help with a fully managed service as the upkeep and day-to-day involvement is very much more involved.
What happens to bring us on board with Love Your Own Block?
It’s easy. Once the Freeholder or Directors of the Right to Manage Company have signed the contract, we progress quickly to bringing you aboard whilst your current Managing Agent has been given notice. We will review the lease and ensure we set you up as per the terms of your lease. We start with setting up your new Bank Accounts (one for general service charges and one for reserve funds if the lease allows) and transferring any funds you hold into the new accounts. We then create an online directory for you to share the handover information with us electronically. We request that you, or your previous Managing Agent, gives us as much history as possible for us to review. Residents will be communicated with about the change of management and payment details for their next Service Charge payment.
Do you provide Company Secretarial Services?
Yes. We also provide company secretarial services to ensure that all legal considerations are taken care of for the Residents’ Management Company including annual Confirmation Statements, maintenance of the Register of Members, the filing of accounts, etc. There is an additional fee per company for this service which includes identity theft protection for up to three Directors by keeping residential addresses off the public register. This fee is paid for out of the Service Charge Account and therefore split between all the Leaseholders.
Are there additional charges for any other services you provide?
To keep our standard Managing Agent fee down for our clients we can ‘bolt’ on extras as and when you need them. Love Your Own Block has numerous bolt on services which are available to you (these additional services have extra charges). However, we pride ourselves on the fairness and transparency of any additional costs that apply. An up-to-date list of fees is always available to you - should you wish an updated copy, please just ask. The additional fees are namely for: debt collection; enforcing lease provisions between neighbours and other parties, legal matters; insurance claims where we do not provide the insurance; provision of materials to you and adhoc requests or administrative tasks to support you which are non-standard.
We would like to make an amendment to your contract, is this possible?
We do not make changes to individual contracts for Love Your Own Block, our remote management service. Any specific requirements for your property can be covered with policies and notes on our system. We are always happy to work with you so that you are comfortable with the agreement.
We don’t want to have a Fire and Risk Assessment completed, do we have to?
Depending on the recommendations of your previous report, the frequency of these can be reduced. The findings of the report should provide a “next assessment” date. We would recommend these to continue annually, unless the report states a longer period is okay, however the decision is ultimately down to whomever you nominate as the “responsible person” for the building.