Via the property management software that we use, it is possible to enquire on the profit and loss of a particular service charge fund at any time.
Overall, Ian Gibbs Estate Management (IGEM) is most experienced in providing budgets for management companies and have a working knowledge of the likely sums that would be required to maintain the properties in satisfactory order. Information is drawn from previous year’s budgets and accounts to ascertain likely sums, take account of increasing prices (inflationary uplifts, further uplifts, for example, for utilities). Most importantly, we would recommend building up adequate reserve funds (sinking funds) to enable such items as cyclical maintenance – internal and external decoration, and capital sums for one off items (such as replacement parts of a building – roofs, rainwater goods, roadways, etc). IGEM regularly, and upon demand, goes to the market to obtain competing estimates for cyclical contracts in order to ensure best value for money for services such as cleaning or gardening.
Whatever the extent of the budget, IGEM understands that justification is always required to the Residents’ Committee/Landlord and the lessees. Budgets are always approved by the Landlord. Budgets are circulated to all lessees. Where heavy additional costs are anticipated, Directors are notified as far in advance as possible. IGEM is fully conversant with the S20 Consultation process for major works.