SIZE: 14 Units AREA: Covent Garden, WC2 CLIENT: RMC
A conversion of a period building into 13 (very) modern apartments in Covent Garden. The building has concierge and communal heating and cooling systems.
The Residents Management Company were at the end of their tether with regards the properties financial management. They felt the interests of the leaseholders weren’t being best represented and that a value-for-money approach wasn’t being taken by the agent. There was a lack of regular financial reporting and the reports that were sent were hard to fathom. A source of frustration given that amongst the Directors there was a Chartered Accountant!
The financial handover was patchy, and a great deal of time was spent interrogating the previous accounts so as to achieve accurate opening balances for each leaseholder.
There were also a number of longstanding problems (particularly relating to some of the communal systems), which were legacy issues left over from the initial build – and which we were tasked with solving immediately upon instruction