Residential Case Study:
The Boatyard
The Client
The Problem
In 2016 following completion of the development Bardsley approached us to become agent. They and the leaseholders were unhappy with the services they were receiving from the existing agent due to:
- Poor financial management
- A lack of services being carried out at the site
- Customer service issues
Our Solution
We initiated a full review of all costs at the development and a detailed lease review was quickly undertaken which enabled a budget with the required schedules and apportionments to be produced.
Service charge accounts for the prior year were finalised and the related balancing credits were issued. We also analysed and corrected prior year accounts reconciliations which resulted in 7 leaseholders receiving credits.
We liaised with multiple leaseholders and the previous managing agent over a number of months in order to correct bank receipts that had been allocated to the wrong leaseholders.
Due to the above work and our strong debtor control procedure we were able to reduced debtors from £40,000 to nil within 6 months.
Landscape maintenance and street light servicing contracts were re-tendered and appointments approved by Bardsley and the RMC Directors. All other contracts at the development were also re-tendered to ensure best value for the leaseholders.
Within 6 months of our appointment Bardsley were able to step down as Directors of the RMC with the knowledge that their reputation as a premium housebuilder would be maintained by a professional managing agent.
“…(Casserly’s) technical knowledge of leases and financial management is excellent and the benefits they provide to the management company and residents is commendable”