What is the average number of flats within a typical Faraday management, and are any too small to consider?
The majority of our properties incorporate between 60-80 units each, although some of our managements have unit numbers exceeding 250. Our managed properties include not only leasehold flats and penthouses, but also duplex apartments, town houses and even estate based freehold houses. In principle, we do not generally tender for managements representing 25 or less units.
How do you service your clients and buildings?
Faraday ensures that all clients are allocated a dedicated and experienced property manager, working proactively to achieve the management needs and requirements of each property, in addition to reporting to and liaising closely with the client on all pertinent matters.
In addition to developing strong relationships with the client and residents, inclusive of setting clear lines of responsibility and communication, our manager is assisted in their duties via a strong Faraday support team. This includes the provision of dedicated client and service charge accountants, building surveyors and also a Faraday “Out-of-Hours” emergency support service.
We recognise the immense importance placed on the fiduciary responsibilities undertaken by managing agents, and ensure that our accounting and banking facilities are a fundamental, integral and transparent part of our service provision. We have proven that this underpins our ability to properly and professionally manage properties under our control.
Where is our money held and how safe is it?
All client monies are held in trust within separate interest bearing accounts, each in the name of the relevant client, for the benefit of the leaseholders in accordance with all relevant legislation. These monies are electronically linked directly from the bank to our accounting software systems, enabling us to fully reconcile all monies held on a daily basis.
In addition to holding Professional Indemnity insurance with an indemnity limit of £5,000,000 for each and every claim, our company is a registered member of the Royal Institution of Chartered Surveyors, and as such our clients have the benefit of the RICS Client Money Protection Scheme.
Are you able to run non-annual major works projects for the buildings that you manage?
Yes. Utilising our in-house building surveying department, we presently specify, tender and oversee for the majority of non-annual major works projects required at our clients’ properties. In addition, our chartered surveyors regularly undertake works projects on buildings where we do not currently act as the managing agents, where such clients utilise our property surveying expertise, which is often not directly available via their own agents.
Can you help place competitive insurance cover for our building?
Insurance represents a major expense for many lessees, and through our strong ties with FCA registered brokers/underwriters that specialise in insuring blocks of flats, we are in a position to help assist the negotiation of specially written policies that are tailored to apartment buildings and at competitive premiums. In most instances, and whilst subject to claims history, we achieve continued and ongoing savings for our clients, whilst also ensuring that levels of comprehensive cover remain unaffected.
How are your fees agreed?
There are no scale fees for the management of flats sold on long lease. Some managing agents charge their standard management fee by reference to a percentage of the Service Charge Expenditure, but we do not consider this to be a fair method as it offers no incentive to minimise costs.
We would assess the realistic cost per unit required to provide a comprehensive service to the client and the property concerned. This would be based on the level of needs and services presented by a building and also through use of similar market comparables. This unit fee would be fully agreed prior to commencement of duties and adjusted annually through mutual consent.
How can I arrange to pay my ground rent and service charges?
Faraday offers many different methods for making payment of ground rents/service charges due. These include cheque payment, direct transfer either via your own bank or online, standing orders and direct debits. Regrettably, due to security and insurance restrictions, we are not normally able to accept cash payments. Please contact us direct to obtain details of which payment method best suits your requirements.
Is Faraday a member of the Royal Institution of Chartered Surveyors?
Yes. Faraday is a registered member of the Royal Institution of Chartered Surveyors and fully complies with the regulations applicable to member companies. We are also subject to periodic audits by this regulatory body to ensure that our current procedures, methodology and services meet with their expected requirements. This is particularly with regard to the safe holding of clients’ monies. We also have employees who are members of the Chartered Institute of Housing and the Institute of Residential Property Managers.
How do you select contractors to service and maintain your managed properties?
Faraday operates an approved contractors listing. All contractors employed on behalf of our clients are thoroughly vetted prior to any form of instruction or supervision being given. This is subject to the contractors demonstrating an ability to provide a high standard of quality workmanship whilst providing real value for money.
Contractors are also expected to undertake such works through the use of qualified and skilled tradesmen who can be relied upon to ensure a reliable, courteous and trustworthy service. New contractors applying to be placed on our Approved List are also required to provide references and full details confirming that they possess adequate Third Party and Public Liability Insurance and a Health and Safety Policy statement.
Faraday accepts absolutely no commission whatsoever from any contractors, regardless of whether they are already on our approved contractors listing or wishing to gain approval on to it.
In what areas do you service properties, and do you operate outside the London area?
At present, the majority of our managements are located within Central London. We do also service buildings within Greater London, including areas such as Hampstead, Highgate, Clapham, Balham, Chiswick and Richmond. Whilst our management services do not currently extend outside of the boundaries of the M25, our commercial building surveying services are available and used by clients throughout Southern England and into the Midlands.
How do we go about changing our existing managing agents or surveyors?
Very simple, just contact Faraday. We will help advise you towards your best options, and arrange all necessary transfer requirements should you decide to change. It is surprising how many dissatisfied resident management companies are prepared to delay or put off changing their agents, solely through fear of the potential upheaval and disruption that a change such as that may cause. It doesn’t have to be like this, nor should you need to continue to pay good money for a service that is not being provided.