As an owner of a property in a tenement, eventually it may become impossible to buy or sell flats in tenemental properties. Already some solicitors are advising people not to buy top floor flats.
As a well-established firm Regulated by RICS, our Shared Repairs service works like this:
- the common owners pay into a client protected account a sum of money equal to £140/149* per property (i.e. per flat, shop or other type of unit)
- Once all are registered, GLM will undertake a survey and REPORT The minimum option will be aimed at keeping the building in repair for one year. If the minimum option is undertaken it may be necessary to undertake further work in the following year. This may not represent best overall value for money so other options will also recommended, if appropriate, that will keep the building maintained for longer. However unlike the previous system, the choice will ultimately rest with the owners. options for repair and maintenance.
- After issuing the report GLM will, if requested, attend a meeting to assist the owners to agree on a strategy for repairs and maintenance of the building.
*Rate reduction when paying in a lump sum
- When a strategy has been agreed the owners will be asked to pay the cost of the work into an account.
- GLM will specify the work, appoint and manage a contractorOn behalf of the owners, we will select from a list of approved contractors to undertake the works. We will authorise payments to the contractor, only releasing the full amount after a retention period and when we are satisfied that the work has been done to a satisfactory standard. The performance of contractors will be monitored and we will invite feedback. Only contractors that get satisfactory ratings from the owners will be allowed to continue on the list..
- GLM will provide the owners with a Certificate that confirms that the necessary repairs have been carried out. This Certificate, along with the initial report will be of assistance when it comes to buying and selling flats and other properties within the tenement. Also, if you suffer storm damage our certificate will make it more straightforward to prove storm damage when you come to make an insurance claim.
- If the owners repeat this process on an annual basis, much like an MOT, the subsequent reports and certificates will build up into a "Service Record" for the building. This will always be available to owners of the building online.