Service charges arrears that are left to spiral can quickly create cash flow issues that effectively put a stop to estate maintenance plans.
One Cambridgeshire based property management client outlines a common scenario “When we took on the block there were a number of maintenance issues and a backlog of service charge default. Quite simply we were unable to maintain the block to the standards we had set ourselves and agreed with the client RMC. We passed the arrears to Brady Solicitors and within 7 days the first payments began to show. 3 weeks in we were able to re-start the maintenance. Bradys collected 100% of the estate arrears within 64 days and we were able to return the estate to a standard that the RMC was happy with