New Acquisition

28 August 2015

Prime are proud to announce a new acquisition to our London portfolio – Thomas Drive in Romford. This is a development that was previously managed by OM Property Management since it was built in 2008.

We were contacted by one of the leaseholders from this development and asked to examine the block management structure to determine if the estate was suitable for right to manage (RTM). We visited the site and spoke with residents and found that there was huge room for improvement in how the block was managed.

We felt that far better value could be achieved from the service charge and set out an alternative budget proposal for the leaseholders. After a bit of door knocking we secured a majority support for a right to manage claim, and set about delivering this.

The existing manager and the freeholder (both ultimately owned by Peverel/OM) initially tried to block the leaseholders’ RTM claim but we managed to overcome their objections and successfully delivered a right to manage structure for the leaseholders and residents in the spring of 2015.

As a result, we have been able to reduce the buildings insurance costs by about 25%, the management fees by 35% and an overall reduction in the service charge by about 20%. We also put on hold some expensive major works which were not immediately necessary. These are under review.

We carried out a complete review of all the contracts at the site and have renegotiated where appropriate to secure better value for the leaseholders. We also

Leaseholders and residents have remarked how much improved the visibility and of their block manager is, and have expressed delight with our service so far.

Despite our low managements fees, our customers couldn’t be happier with our service!

Click here to see reviews from residents of this block now under our management
https://uk.trustpilot.com/review/primepm.co.uk/559d91280000ff0002f4b2a1
https://uk.trustpilot.com/review/primepm.co.uk/5596c1db0000ff0002f34c9a

For more and independent information on right to manage visit these links;
http://www.lease-advice.org/publications/documents/document.asp?item=21
https://www.gov.uk/government/collections/tenant-management-organisations-guidance