The figures below are based on a relatively new development of 60 properties where each resident pays 1/60th of all costs.
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Our published fees for a development this size would be £100 + VAT or 12.5% + VAT of the total service charge.
Instantly we could save £1410 from the service charge as our management remit includes items that other managing agents make an additional charge for Health & Safety etc.
From our experience we can determine that the costs for the insurance and accountants are on the high side and have revised those costs. For other costs further information would be needed so these would need to be reviewed, but needless to say any further reduction would also reduce service charge levels.
In this instance it is more beneficial for this development to base our management fee on 12.5% + VAT on the total service charge demanded which in turn reduces the developments overall service charge by £8181.
If you think your service charge costs are high and would like a free comparative quote email over, in the strictest of confidence details of your service charge budget to email@example.com.
Oak House 6 Dorchester End Colchester Essex CO2 8AR