Liv Engage - Block Management

My Questions Answered

Block Management

18/04/2022

Understanding the difference between Freehold, Leasehold & RMC


There are three main ways you can own your property:


• Freehold
• Leasehold
• Share of the freehold


A Freeholder owns the property outright, including the land and typically you will not pay ground rent or a service charge. Naturally, there are exceptions, including where your property is on shared private land, and costs to maintain the communal land will be payable.


A Leaseholder owns the right to occupy a property for a fixed number of years, typically 99 years or more and is not the same as outright ownership. The building structure and any common parts will be owned by the freeholder. Leaseholders are legally required to contribute toward the service charge and are sometimes required to pay ground rent.


A Residents Management Company (RMC) protects the interests of the leaseholders and typically manages the common parts of the building/estate, although they may have other responsibilities. Typically, RMCs are run by directors, who are usually unpaid and appointed from the leaseholders themselves.

Understanding the difference between a Landlord and a Managing Agent


A Landlord owns the property while the Managing Agent (such as LIV) is instructed by the Landlord to manage their properties.


Your landlord is a named individual on your lease and owns the freehold of your property, including the land on which your property sits. This could be an individual or a company.


Landlords have an obligation to maintain the communal areas at your development and instruct a Managing Agent to do this on their behalf.


The Managing Agent roles and responsibilities (Terms and Conditions) are set out in a Management Agreement, but they are not a named legal party in your lease (except in exceptional circumstances).

What is a managed development?


Typically, a managed development and/or managed estate are where the running of the development is managed by a Managing Agent.


In managed developments, all owners of the properties within the development and/or estate share the costs associated with maintaining the common areas i.e., landscaping and maintenance and upkeep of the common parts of the building.


What is role of the Managing Agent?


As your Managing Agent, our role is to ensure your building is safe and always maintained.
Our role and duties do not stop here, and we work to provide our customers with an exceptional level of property management and customer service.


Our experienced Property Managers and support teams will work to ensure that your development is safe and secure, giving you peace of mind. Your Property Manager will regularly visit and inspect the communal areas of your development, whilst our centralised support teams are on hand to answer any accounts queries or general issues relating to your development.

 

Block Management