Frequenty Asked Questions
How many units does my block need to have for Oakfield to manage it?
Oakfield manage blocks with 10 or more units, however will consider smaller blocks in some circumstances.
What information do we need to provide Oakfield with if we wish to instruct you?
How much notice do Oakfield need to take over the management?
We have been with our current managing agent for many years and we are concerned that changing will be disruptive and complicated?
How often would Oakfield carry out an inspection of our block?
Where and how do Oakfield hold service charge monies?
What is ground rent?
Will Oakfield’s fees be subject to VAT?
Can we keep our existing contractors?
Can we keep our existing accountant?
Do Oakfield offer an out of hours’ service for emergencies?
Will a representative from Oakfield attend Resident’s meetings and AGM’s? Is there an additional charge for this?
Should we have a reserve fund?
We would strongly advise that you have a reserve fund in place for your property, as when it comes to major works like redecorating internally and externally, re-carpeting the communal areas etc. there is already a provision of funds in place to help towards these costs. That said, some leases do not allow for a reserve fund to be set up so we would need to check that there is a provision in your lease before including this in the annual service charge budget.
How is my service charge spent? Will I be given information on the budget and expenditure?
Each financial year Oakfield will prepare a budget detailing forecasted expenditure for that coming year. Your lease will stipulate what you contribute towards the budget, which is how your service charge will be calculated. In the weeks before the start of the financial year you will receive a service charge demand accompanied by a budget apportionment. This apportionment will confirm what the intended budget is for the forthcoming year and what your contribution is towards each budgeted cost. Within 6 months of the financial year, you will receive a copy of the service charge accounts detailing a full breakdown of all expenditure relating to that previous year. In the event that the expenditure exceeds the budgeted costs, you will be asked to make a deficit payment. In the event that the expenditure is less than the budgeted costs, you will receive a credit to your account, unless your lease stipulates that deficits/credits need to be dealt with in a specific way.
What action is taken on Leaseholders that do not pay their service charges?
We send a series of 3 letters over a month long period advising that payment is overdue and failure to make payment could result in legal action. In the event that after the third letter payment still isn’t received, then it will be passed to our debt collection solicitors to recover the funds.
I am selling my property can you provide a management pack to my solicitor?
Yes, we can. Your solicitor will send us an LPE1 form requesting all the information needed for selling a Leasehold property. There is a fee to provide this information, and once cleared payment has been received, Oakfield will complete the form and will send it on to your solicitor along with the supporting documents within 10 working days.
What is Section 20? Why do we have to do it?
Section 20 is a consultation process that needs to be followed if any works are to be carried out at your property that will cost any one Leaseholder £250 or more. There is a series of 3 notices that must be served detailing the works that are to be carried out, giving yourselves as Leaseholders the opportunity to nominate a contractor for the works and the second notice advises you of the contractors whom tendered for the works and the contract sums. Due to legislation this process must be followed every time the cost of works exceeds £250 for one or more Leaseholder. More information on section 20 can be found on our advice guides page or by.
With section 20 major works we would always insist that a surveyor is instructed to draw up a specification of works and oversee the project. We have a selection of surveyors that can oversee our projects including our Technical Director. We will liaise with the chosen surveyor throughout the project from instruction to signing off and paying the contractors invoices.