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Your Risks

Managing your property exposes you and the Management Company to many types of different risks.

Correct Insurance cover is fairly easily understood, and most can negotiate the minefield of Health and Safety Legislation, but what about the approximately 80 separate Statutes that influence the running of a block of flats or a property for a group of residents? Not so easy …… the Statutes define the law itself; whilst Case Law, built up over time, provides judicial interpretation. Finally, Best Practice, largely by official bodies, suggest and indicate the “right and wrong” ways of achieving an optimum end-result.

There are two key risk aspects to be aware of …..

  1. Legal – these are risks inherent in the building, and the subsequent management of the building and residents. This includes the landlord and tenant legislation, Insurance cover, as well as Health and Safety aspects. Failure to act properly can result in civil, and in some cases, criminal sanctions.
  2. Corporate – these are the statutory controls governing your company, whether a Resident Management Company or a Right To Manage Company. Strict time limits exist for key actions. Failure to act appropriately can lead to the company being struck off, which results in losing control of the management of your property, incurring much cost and inconvenience to rectify the situation.

In our Gateway solution, My Property provides more detailed analysis of these different elements, as well as providing guides, and comment on changes and updates to these areas as they occur.

Keep up to date with us, and more importantly, let us help you to keep compliant in your management actions and responsibilities.