Asset Property Management

An insurance claim will be processed by Asset Property Management having regard to the extent to which the claim is covered by the building insurance policy (the responsibility of the Managing Agent), and the extent to which it is normally covered by your own contents insurance policy (the responsibility of the leaseholder/resident).

Asset Property Management can supply contractor details to make good any insured damage to property. It is important that no contractor is engaged to carry out works unless you have received feedback from us or the Insurer. Contractors are checked to ensure they maintain current professional indemnity insurance. It is however the responsibility of the leaseholder to be satisfied that the contractors can carry out the works required to an acceptable standard. If you are dissatisfied with the workmanship the leaseholder/resident will be required to deal with the contractor to rectify any problems. Asset Property Management do not accept responsibility, financial or otherwise, for works carried out inside flats/apartments, but will do their best to mediate if a dispute arises.

Normally insurance companies will require three quotations before processing an insurance claim.

On engagement, we set out the standard fees charged for property management. Additional fees are reviewed annually and may be levied in the following situations:

Where final demands for ground rents and service charges have been issued and payment is not forthcoming;
Where payment for ground rent and service charges is received after the due dates set out in the notices issued;
Where collection of outstanding amounts is referred to a solicitor;
Where land registry searches are required to identify leaseholders because we are not kept updated on changes;
Administering and dealing with solicitors to collect outstanding debts;
Solicitors’ and legal charges including court summons;
Cheques returned unpaid or referred;
Key cutting/replacement for communal access doors, security doors or gate entry systems;
Sale enquiries for solicitors/sellers;
Issue of share certificates and company filing requirements;
Dealing with Notices to Landlords;
Preparing statutory notices and dealing with consultations where Landlord and Tenant Act expenditure limits are to be exceeded;
Copy documents such as insurance policies, fire risks assessments, asbestos surveys and other statutory requirements;
Dealing with insurance administration and claims.
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A good managing agent will have systems in place to ensure compliance with the regulatory requirements, in particular:

Fire risk assessments, regular inspection of fire safety equipment and systems
Asbestos surveys and awareness of its findings when engaging contractors
Periodic testing of electrical wiring and equipment in communal areas
Lift maintenance and safety
Adequate buildings insurance including confirmation of reinstatement values
Health & safety assessments with regard to communal areas
Keeping updated on increasing regulatory requirements affecting leaseholds.
We act in an impartial way as the link between freeholder and leaseholder, and in particular between individual leaseholders, where disputes can occur.

We will help to add value to your block over the longer term, maintain the common parts of the building, and ensure that a healthy reserve fund is maintained and that service charges are competitive.