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Why is asset valuation important?

A valuation of a property for asset valuation purposes may be needed for any of the following reasons:- for the purposes of updating the value of buildings which are held as assets of a company- to determine the value of assets held by a family trust- to determine th...

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What are the Notice periods for a 'Payless Notice' in a JCT Construction contract

A Payless Notice is a method under a JCT Construction contract to deal with quality of works or if you as the Client believe the Contract Administrator has certified the works at more than you believe is correct.  Ordinarily the Client is responsible for serving a Pa...

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What are the Notice periods for 'liquidated damages' LADS in a JCT Construction contract

Liquidated damages' LADS in a JCT Construction contract are deductions on a weekly basis for contract overrun.  One would fall foul of the JCT Contract for making a deduction without going through the LADS process.  And failing to pay a Certificate within time (usual...

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What is the difference between a Contract Administrator and Project Manager

There is a distinction between Contract Administrator and Project Manager neither of whom can be responsible for the behaviour or conduct of the Contractor themselves.  In short the Contract Administrator is principally concerned with (1) quality of works  (2)  opera...

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What is compartmentation and what materials are used to separate compartments with a building?

The word compartmentation is used to define the fire separation between escape routes and between flats. A compartment is simply a part of a building bounded by walls and floors that will resist the passage of fire for a specified period of time. All penetrations thr...

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What is block management?

Block management can often be confused with AST (Assured Shorthold Tenancy) for individual flats. The former is a highly specialised and regulated area whereby the 'managing agent' is appointed by residents or developers to undertake the duties of managing he fabrick...

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What is a reasonable service charge?

What even is a fair service charge ?Normally your freehold and/ or managing agent agree the required service charges for your block. There is no set level defined by a lease or enshrined in law. The estimates laid out for itmes in service charge for your block do nee...

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How much should a property management company charge?

If you are talking about a block management fee which is incorporated into your overall service charge then in London it should be around £275 per flat per annum plus VAT. Who pays the service or estate charge?The service charge payable for a flat is usually laid out...

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How much do management companies charge? 

Managing agent fees vary throughought the country anything form £250 per annum ber flat plus VAT to as much as £500 per unit for higher end blocks with high levels of amenity. A fair and reasonable level for a 2 bedroom property within the M25 should be around the £2...

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Can a freeholder appoint a managing agent? 

Yes they can and often do. Developers often pre sell the ground rent on leasehold flats to developers well before the block of flats is finished. In this way they guarantee a bonus revenue stream over and above the profit margin they have forecast for the buid.The pr...

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