Estate Management
Clear and Responsible Financial Management
Service charges are fundamental to maintaining a residential development. Residents need confidence that their money is being managed responsibly, while Directors need clear information to make informed financial decisions. Enhance provides structured service-charge and financial management for the developments we manage.
Annual service-charge budgets
We work with Directors to prepare realistic budgets based on the actual requirements of the estate. Rather than simply repeating previous expenditure, consideration can be given to current contracts, anticipated repairs, utilities, insurance, professional costs and planned maintenance.
Monitoring expenditure
Throughout the financial year we monitor expenditure against the approved budget.
This allows unexpected expenditure or potential overspends to be identified and discussed rather than simply discovered at the end of the year.
Reserve funds & future planning
Well-managed estates should consider tomorrow's expenditure as well as today's. Where the relevant leases or transfer documents allow, reserve funds can help spread the cost of significant future works over a longer period.
We work with Directors and appropriate professional advisers to help identify likely future expenditure and develop sensible long-term maintenance planning.
Service-charge accounts
At the end of the financial period, we coordinate the preparation of the relevant service-charge financial information and accounts in accordance with the requirements applying to the development.
Our aim is to provide Directors and residents with financial information that is clear and understandable.
Arrears management
Unpaid service charges can affect everyone on a development.
We operate a structured approach to arrears and communicate with owners regarding outstanding amounts.
Where payment is not forthcoming and further recovery action is appropriate, matters can be escalated in accordance with the relevant management authority and legal requirements.
Transparency matters
Residents are paying for the maintenance of their development.
We believe they should be able to understand what they are paying for and how their money is being managed.
Related pages
- Leasehold Service ChargesWhat a leasehold service charge covers, how budgets and reserve funds are set, when charges can be challenged, and what a managing agent should provide each year.
- Accounting for Service ChargesHow service charge accounts work: trust monies, budgets versus actuals, year-end certification, reserve funds, and how service charge accounts differ from company accounts.
- Major Works & Planned MaintenancePlanned rather than reactive maintenance: long-term maintenance planning, reserve funds, specifying and tendering major works, Section 20 consultation and monitoring work on site.
Service charges you can explain to residents
Ask us to review your current budget and reporting and set out how we would manage the estate's finances.