This was a case of mismanagement by the previous manager, non – compliance of statutory regulations and poor debt management.
We were approached by the leaseholders who stated the development had featured on the Trevor McDonald show.
The developer was still managing the site which had run into disrepair and had debts of nearly £40,000 primarily to the Freeholder for insurance.
Debt collection had never been managed resulting in a large proportion of outstanding service charge debt.
Within the first year EDGE had reduced the company’s debt by 60% and arranged a payment schedule with the Freeholder.
Service charge debt was reduced by 80% and the managed services to the development were resumed at a higher level than previously received due to our experienced contractors.
Within 2 years all debt to the freeholder had been settled and we obtained a better insurance cover with a 50% discount on the previous premiums being paid.
In the following 2 years the development was restored to its former glory with improved landscaping, redecorated communal hallways and improved security which includes a CCTV system.
The service charge at the development has remained at below the average for apartments in the area.