Serving communities through a transparent & trustworthy service
Town & City Management: Embracing a New Era
We are thrilled to announce that Town & City Management has entered an exciting new phase of development. Over the past few weeks, we have welcomed four new members to our team:
- Ben Jarvis – Senior London Property Manager
- Rachael Hartnett – Accounts Assistant, returning after a break
- Brogan Jardine – Business Administrator
- Tracy Hesse – Maintenance Administrator
Our staff are our greatest asset, and we are committed to their growth. Starting immediately, we have introduced tailored training programmes to enhance their knowledge in this ever-changing environment. Much of this training is provided through our regulatory body, The Property Institute (TPI).
We recognise that our procedures and systems have not always met our clients’ expectations. Therefore, we are reviewing every role and function within the company to identify any shortcomings and improve our customer experience, aiming to exceed expectations.
Understanding Rising Service Charge Costs
Service charges have risen significantly in recent years, and many leaseholders are asking why. Here are some key drivers:
- Insurance: Building insurance costs have surged by 92% in the last five years, according to TPI. The Grenfell tragedy highlighted the potential for significant pay-outs, leading insurers to reassess risk profiles and increase premiums.
- New Regulations and Legislation: The Building Safety Act of 2022 introduced stringent fire safety measures, which, while essential for public safety, come at a cost.
- Rising Inflation: The UK has experienced fluctuating inflation, affecting the cost of goods and services. While we strive to keep costs down, realistic budgeting for services like cleaning and grounds maintenance is necessary.
- Insurance Valuations: RICS recommends a major Reinstatement Cost Assessment (RCA) every three years, with annual reviews of the Declared Value (DV). Accurate valuations ensure money is not wasted.
New & Forthcoming Legislation
Exciting changes are on the horizon within the current parliamentary year. The Deputy Prime Minister and Secretary of State for Housing, Angela Rayner, has announced that the government is committed to making commonhold the default tenure for new-build flats. This means apartment owners will collectively manage their buildings.
Angela Rayner also acknowledged gaps in the Leasehold & Freehold Reform Act 2024, which banned the sale of most houses under leasehold tenure but excluded flats. She assured that the government aims to avoid unintended consequences as they push forward with these reforms. A commonhold white paper is expected within months.
Recent legislation has already impacted the sector, and it is anticipated that all managing agents will soon need to be regulated. While the full extent of these changes is yet to be seen, they promise greater transparency and accountability for all. We will provide further details as the legislation comes into force.
Labour MP Mike Amesbury (Runcorn and Helsby) and Conservative Neil O’Brien (Harborough, Oadby, Wigston) have established the All Party Parliamentary Group (APPG) on leasehold and commonhold reform, with Leasehold Knowledge Partnership (LKP) as the secretariat.
Town & City Management Ltd was one of the first residential management companies accredited by LKP and has actively participated in debates within the House of Commons. We encourage you to urge your local MP to join the APPG to support robust and transparent services in this sector.
PPS System Updates
We are excited to announce several forthcoming improvements to our in-house system, PPS. These enhancements will streamline processes, boost efficiency, and enhance the overall experience for both our clients and contractors.
By integrating advanced features and automating routine tasks, we can significantly improve productivity, allowing employees to focus on strategic client-based tasks. Clients will benefit from more reliable and timely updates, while contractors will enjoy a more intuitive and efficient system for invoice processing. These upgrades will positively impact our business, fostering greater accuracy, boosting productivity, and leading to higher satisfaction for all involved.
Promote from Within
Continuous learning is vital for personal and organisational growth. At Town & City Management Ltd, we nurture a culture of continuous learning to ensure employees consistently update their skills and knowledge, crucial in today’s dynamic property management sector.
This dedication to learning boosts individual performance and prepares employees for greater responsibilities, making internal promotions a practical and effective strategy. By promoting from within, we harness the deep institutional knowledge and loyalty of our workforce, leading to higher employee satisfaction and retention.