Accounts-Only Service

We can look after the money if you can look after the building. This means you phone the contractor and we pay the bill.

In order to set up this service, we need the following from you:

  1. The name of the legal entity responsible for maintaining the building (the Freeholder? A Residents' Management Company? A Right-to-Manage Company?)
  2. The name and contact details of the one person who agrees to act as point of contact and give instructions on behalf of all.
  3. A copy of a lease and confirmation that all the leases are in the same form (or copies of all the leases).
  4. Names, addresses and contact phone numbers for all the lessees and their e-mail addresses.
  5. Names of any tenants in flats not occupied by the owner.
  6. A signed agreement, which is the RICS Management Agreement with all the non-accounting services removed. Download a copy.
  7. Copies of any services bills we have to pay (electricity, water) - we will send you a change of address letter for you to sign and post on.
  8. Details of any bills to be paid, or service charge arrears to be collected, and any funds held.
  9. A copy of the current budget and last year's accounts.
  10. A copy of the insurance policy.

E-mail us at info@bm-online.co.uk

When we have these details we will open a trust account for the building at Lloyds TSB in Hertford and advise you of the account number. There are no bank charges, and a modest interest payment for any credit balance. If you are holding a reasonable reserve fund, we will open a high interest trust account as well, which pays half-percent below bank base.

Each year we will do the following for you for the fee:

  1. Agree the budget and send out applications.
  2. Collect the cash. Click here for details on what we do about late or non payment.
  3. Pay the bills - if contractors send bills to you, then sign them as approved and post them to us. We will pay routine bills automatically.
  4. Each quarter we will email each lessee a schedule of expenditure against budget and a balance sheet.
  5. At the end of the year we will put together an audit file and send each lessee accounts prepared on an accrual basis. These will not be audited: if the lease requires an audit we will give you a quotation for this. If a lessee serves a section 21 notice, then you will have to pay for an audit.
  6. Raise invoices or credit notes for the deficit or surplus.

You need to consider your statutory obligations: Health & Safety Risk Assessment? Fire Risk Assessment? Asbestos? Download ARMA Advisory Notes.

We strongly recommend putting money aside each year in a reserve fund: our surveyors can do an annual inspection, suggest a programme of works for the next few years, and advise you on the amount you should be collecting each year. Download a Typical Reserve Fund.