Service Charge Budgets and Reserve Funds
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Date:
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29 March 2017
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Time:
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14:15 – 18:35
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Address:
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Upstairs @ The Yorkshire Grey, 2 Theobalds Rd, London, WC1X 8PN
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A practical guide for Property Management Professionals to setting up a reserve fund, budgeting and planning for major works, renewals and repairs.
This informal and interactive Boot Camp presented by John Byers of LBB Chartered Surveyors will cover many of the key points concerning the budgeting of, and payment for service charges and major works.
Together we will consider such issues as:
- How do major works get paid for?
- How should a service charge budget be calculated – what about future major works?
- How can I know what works may be necessary in the future, and plan for them?
- Can I demand money in advance for major works - do my leases allow it?
- What is a reserve (or sinking) fund?
- What are the RICS and ARMA requirements for setting up and running reserve funds?
- How do I decide how much to collect in a reserve fund?
- How can I persuade my clients and lessees to set up a reserve fund and pay into it?
- What about improvements. Can I use the service charge to fund them?
During this boot camp we will review the legislation and codes of practice, look at example lease clauses, consider the implications of a few tribunal cases, discuss problems that we have experienced and work out some solutions together.
We will also consider some of the most common objections lessees may have to paying into a reserve fund and decide together if those objections can help us run our service charges better.
There will be lots of opportunity for questions, and John and his presentation team will do their best to answer all of them!
CLICK HERE FOR FURTHER INFORMATION OR TO REGISTER
