Post about "Property"

Residential Property Block Management Regulation – 34 Into 6 Doesn’t Go

The 34 New Residential Estate Property Management Regulations

There have been a staggering 34 new regulation changes introduced by the government in just 6 years affecting residential freehold and leasehold management agents and their estate management property services. And this list excludes any changes to employment law covering property services companies in employing their own staff.

The main regulatory and statutory changes impacting on landlords, freeholders, resident property estate management companies and their agents are set out below.

Whilst this list is not intended to be exhaustive, the extent of government interference in this sector is clear to see. It is granted that much of this legislation brings with it undoubted improvements however the scale and pace of the introduction of change is staggering.

There must be few industry sectors which have been subjected to such radical and wholesale statutory amendment in such a short time frame. It is little wonder why so many freehold and leasehold management companies, landlords and their leaseholders have been turning to residential property block management agents for professional help and advice regarding service charges.

Many residential freeholds, leaseholds, resident management companies, Right to Manage (RTM) and property management organisations are run by volunteers and others who may be relatively inexperienced in the property estate management field. It is understandable that these organizations along with landlords will wish to know that their freeholds and residential block management firms are professionally run, ensuring suitable protection under both new and existing legislation.

There are 34 headings set out below which have been recently affected. This list concerns property agents, landlord service charges and lease management of freehold and leasehold property. Some or all of these changes will have a significant impact on property companies and the maintenance and running of leasehold and freehold estates:-

1. Ground rent notices for landlord and freehold companies

2. Changes to consultation procedures for property services and major works

3. Consultation on long term agreements for landlords and freeholders

4. Service Charge Demands for block management agents, leaseholders and freeholders

5. Administration charges for landlord property agents

6. Forfeiture for leaseholders

7. Breaches of Covenant affecting the landlord and leaseholders

8. Asbestos property services legislation

9. Working at height

10. Risk Assessments and property services health and safety

11. Regulation of residential block insurance by the F S A

12. Taxation of Trusts for Service Charge Monies for managing agents and residential estate property management companies

13. Digital Switchover

14. Licensing of wheel clamping and other security staff for freehold and leasehold companies

15. Separate bank accounts for each residential property scheme

16. Prescribed statements of account for property service changes

17. Independent certification of all service charge scheme accounts

18. Licensing of houses in multiple occupation (HMOs)

19. Home Information Packs

20. Fire safety for leasehold or freehold estate property management companies

21. Disability Discrimination and property block management

22. Electrical Safety Testing for blocks of flats and freeholds

23. Water testing and legionella for common and shared estate property services

24. Gas Safety for common and shared property services

25. Hazardous Substances in the common areas and the workplace

26. Rules for appointment of contractors for property and estate management organisations

27. Lifts, elevators and their regulation and block maintenance

28. Health and safety planning for all freehold and leasehold maintenance work

29. Data Protection for managing agents and residential property estate management

30. Money Laundering for estate managing agents and residential property landlord businesses

31. No smoking rules in blocks of flats and common facilities

32. Disposal of electrical items affecting estate managing agents and residential property

33. Health and Safety Offences Act 2008 affecting management agents and residential property estate management

34. Administration services for residents leasehold blocks of flats and apartments

In view of the above extensive list it is clear that professional guidance should be sought to help leaseholders and freeholders begin to understand the effects of the above recent changes affecting the running of estates and lease arrangements.

When it comes to service charges, maintaining and ensuring the smooth running of freeholds for blocks of flats or apartments, few things are more essential than securing the services of a professional property block management agent. Professional expertise in the field of block management service charges and property services have proven immensely popular with time pressed landlords, directors and leaseholders of freehold property management companies. Please refer to the details below to find out more.

Tips for Financing or Refinancing Your Car Loan

Always get your financing first before shopping for a car

When buying a new car, if you have financing already in place, it’s much easier to negotiate over the price of the car. If you are pre-approved, you know exactly how much you can spend and the monthly payment. Try to get approved for a little more than you think you will spend, just in case.

The 0% financing trick – 0% financing or cash back rebate?

Don’t be fooled by 0% financing, unless your credit is almost perfect, you won’t qualify. If you do, you probably be required to pay the loan off in 2-3 years, not 5 like most loans. Be sure you know the amount of interest you will be paying over the term of the loan with your pre-approved amount in advance, because you might pay less total interest than the dealerships financing and want the cash back rebate.

Have your paperwork and check ready before you go

If you get pre-approved online for say $20,000.00, some companies will mail you a blank check and a letter to show the car dealership. This could take a week or more to receive in the mail. If they don’t offer to send it overnight, it might be worth it for you to pay the $15-20 fee. The finance person at the dealership will call the loan company after you’ve made your purchase and advise the amount of the check. Bonus – you will have to sign less than half of the usual paperwork!

Shop Online for a car loan or auto refinance

Whether it’s for a first finance or refinance, the rates you can get these days by shopping online are great. There seems to be more competition which is very good for you. Make sure you are on a secure page before typing in your social security number.

Consider having an automatic deduction from your checking acct.

I saved ½ a percent interest on my recent auto purchase by letting the loan company set up my auto loan as an automated monthly deduction. They let me pick the exact day I wanted it. On a side note, if you have a few bills paid this way as I do, you might want to pick the same day for all. It’s easier to remember to write it in your checkbook and make sure the funds will be there when the auto debits hit.

Try to spend within your means

I know this seems obvious to some, but you need to plan on the additional expenses. Call your car insurance company before purchasing the vehicle, and ask for a few quotes for your new insurance premium. You may be surprised that the new Honda you were looking at is classified as a sports car. Better to know in advance than after your purchase. Don’t forget, your registration will be more too.

Refinancing your vehicle can help your credit

If you are having trouble paying your bills and have at least 2-3 years left on your car loan, this can be an excellent way to reduce your monthly expenses. You’ll pay more in interest, but it may be worth it to keep your bills paid on time and your credit score up. Be sure to refinance before your payments are too late or you’ll have to pay higher interest. Also, I would refinance before I made payment arrangements with my creditors if that’s also needed, because you don’t want “payment arrangements” showing up on your credit report when your trying to get approved for the refinance.

Bad credit auto financing

These days more and more companies are willing to finance a vehicle even if your credit is bad or you’ve had a bankruptcy. You’ll pay higher interest, but again shop around and online. It will be better to get at least an idea of what you’ll have to pay before going to the dealership. You may get approved for 12-16% online and 16-20% at the dealership. If you have time before purchasing a vehicle and it isn’t an emergency, run your credit report online and have it mailed to you. Verify all the data is correct. You may have time to repair an item and get a better interest rate before you buy. See my article on how to do this.