MLM won a competitive tender to take over a portfolio of circa 70 buildings from a large institutional investor who had been plagued with problems from their last agents. We recognised that we could bring our expertise to deliver tangible results on this portfolio.
The handover process was made ever more difficult by inaccurate and missing information. Moving past this obstacle and gathering the required information, MLM Property Management set about building relationships and trust with the leaseholders. Over 30 buildings required significant and expensive major works, with many buildings having old and restrictive leases without any plans for future capital spend programmes in place.
Our first priority after securing the handover, was to health check all buildings, provide up to date risk assessments, consider the state of the accounting functions and serve section 20b notices to protect the clients position where accounts could not be prepared in time. In trying to find solutions, we initially identified more problems such as incorrectly demanded service charges, unrepaid loans from clients to some buildings etc.
3 years on, all buildings have a capital expenditure programme in place, leaseholders understand their responsibilities and are able to plan for large capital expenditure, even when the leases do not allow for reserve fund collection. All accounts are complete and up to date and we have completed over 30 sets of major works of repair from roof renewals to internal redecoration, to upgrading communal areas with additional fire protection works in accordance with the fire risk assessments. Formal budgeting and communication with leaseholders has completely reversed a potential series of hazards, both for those living in the buildings and for the client to the extent that MLM have recently been awarded with a further portfolio and continue to take on buildings within the portfolio.