Thursday, June 21st, 2012 in Landlord, Managing Agent, News, Residential, Service Charge
The Accounting Standards Board of the Institute of Chartered Accounts in England & Wales has issued an Information sheet setting out a proposed Urgent Issues Task Force Abstract ‘Residential Management Companies Financial Statements’. This is to assist residential management companies to determine whether they are acting as principal or agent when undertaking residential service transactions with third parties, and thereby determine which transactions should be recognised in their financial statements. It also deals with protecting the needs of users of Residential Management Companies financial statements (including tenants); and assisting preparers in fulfilling their statutory duties.
Full copy of Information Sheet here
Thursday, June 21st, 2012 in Landlord, Managing Agent, News, Residential, Service Charge
Deborah Caldwell of Manches has reported a case where the landlord tried to defeat its tenant’s break right on the grounds of non-payment of insurance rent and material breaches of the tenant’s repairing covenant. However, the court found that the wording in the lease supported the tenant’s argument. The landlord could only demand the insurance rent once it had itself incurred the cost.
Read the full article here
Monday, June 11th, 2012 in Landlord, News, Residential, Service Charge
Mark Vinall of Winckworth Sherwood has noted that a council that owns a block containing several flats has won its legal dispute with a tenant over the recovery of management charges. The case went to the Lands Chamber of the Upper Tribunal, which decided that no costs had been counted twice, since the council’s finances had been recorded transparently and that it had therefore acted appropriately.
Read the full article here
