The majority of our Developments are invoiced in arrears and therefore a floating charge will be in place. The float is a refundable deposit paid via your Solicitor when purchasing the properties. As lpm invoice in arrears we use the float to pay for services for a six month period after which an invoice is sent. When residents pay the invoice the float will be “topped up”. If a Resident sells their Property and they have paid their service charges up to date then they will be refunded their float. Invoices will be sent out every June and December, unless the Development is invoiced quarterly or is a Development which is invoiced in advance.
Invoices can be paid by cheque to our Head Office or by Credit/ Debit Card by contacting our Accounts Department. An online payment facility will shortly be available.
Payment terms displayed on invoices allow 30 days payment. After 30 days a statement will be sent out displaying terms of 5 days payment terms. If the invoice remains unpaid the account will be passed to a Debt Recovery Agency and additional costs will be incurred. The Debt Recovery Agency will write, call, email, trace, carry out land register checks to check property owner information and where required will initiate Court Action and Sheriff Officers.
When Property Owners are signing their Title Deeds with their Solicitor, the solicitor will discuss in detail the responsibilities of residents as per the Deed of Conditions. This confirms their responsibility to the upkeep of common areas within their Development. The Deeds will confirm the regulations involved in communal living. It will also confirm Residents responsibility to ensure the Factor has all the correct contact details for them and for ensuring invoices are paid.
On completion of a Development and full occupation of all properties, the Property Manager will call a Residents Meeting as per the timescales laid down in the Deed of Conditions. If at the meeting there is a sufficient majority of Resdients (majority percentage is detailed in the Deed) in favour of setting up a Residents Association, then a Committee will be formed of interested Residents to make decisions regarding maintenance and costs for the Development. An lpm representative will meet with the Committee once a quarter to discuss the Development Issues.
The Deed of Conditions will confirm the initial contract period, i.e. 2 to 3 years from Sale of the last Property by the Developer. Thereafter the Residents, by majority vote via a properly confined meeting as stated above have the right to continue or dismiss the Property Manager. If no meeting or Residents Association is set up the contract will continue.
Although lpm Limited maintain common areas, we are not responsible for building the properties or installation of landscaped areas. However, as we liaise regularly with all our Developer Clients, if any common area defects are highlighted we will co-ordinate between Residents (Residents Associations & Committees) and the Developer to attempt to resolve the matter. The only involvement lpm have within Clients Properties is for Buildings Insurance, e.g. storm damage, fire, water and vandalism damage. lpm are not responsible for defective installations within properties, this is the Developers remit. lpm will attempt to assist residents with liaison with Developers for common area defects.
lpm will structure the Service Charge Budget when tendering the contract pre completion of the Development. lpm can fix costs such as cleaning, landscaping, maintenance contracts such as, fire equipment, water pumps etc.
lpm cannot fix costs such as electricity and general repairs. Buildings Insurance will also be affected by the Claims History and Market Changes. Each year lpm will review and Tender the Contracts on Developments and where required appoint and dismiss Contractors.
Unless otherwise stated in the Deed of Conditions – YES.
However, previous Developments that have chosen to self factor have returned to lpm Limited for the following reasons: -