The budget will outline where all funds will be allocated the following service charge year. Each owner is forwarded a copy of the agreed budget after the annual AGM.
A budget is drawn up and agreed by the board of directors in advance of the yearly AGM meeting. The budget is presented to all members at the AGM where it is agreed, put to a vote and passed for the following year.
A fee is paid by each member of the Management Company at the beginning of each service charge year to cover all costs of running the developments common areas. Terms of the management fees are stated in the lease agreement.
If you are experiencing financial difficulties Abacus Property Management will discuss a payment plan option with you.
Contact the office on 01 414 1771 where a member of the Abacus Property Management team will assist you.
The following methods of payment are accepted by Abacus Property Management:
- Postal Order
- Bank Transfer
- Direct Debit / Standing Order
We collect Service Charges in line with legal documents i.e. your Lease. However, you may be able to pay by 10 monthly installments in certain circumstances. Should you wish to find out more information or to take advantage of this, please contact our Accounts team.
I am going to sell my property before the year-end date on the invoice; do I still have to pay the full year management fee?
The management fee is required to be paid in full at the beginning of each service charge year. On the sale of a property Abacus will calculate the refund amount due to the owner. The refund will be discharged usually by the Solicitor on completion as service charges will be concealed from the purchaser.
A proportion of the annual Service Charge is put aside into a separate bank account. These funds are for the replacement of any major common area items.
Under the terms of most Leases we are required to insure the whole building but not your belongings and home contents. Should owners wish to have contents insurance it must be applied for directly by the owner and this policy should include landlords insurance of the property is rented out.
Please contact a member of the Abacus Property Management Team who will manage the claim.
Insurable Risks Include:
- Storm Damage
- Malicious Damage
In the first instance, we suggest you should make contact with the apartment above. Quite often, they are unaware of the fault and will rectify the problem straight away. Should you experience difficulty making contact with the apartment owner in question, please contact a member of the Abacus Property Management Team who will contact the owner of the property advising them that there is a leak.
Should there be any damage caused to your property and you wish to make a claim on the block buildings insurance, please contact a member of the Abacus Property Management Team.
Noise from TVs, stereos, party guests leaving the property etc. can be very frustrating, particularly late at night. Please report persistent noise/nuisance to a member of the Abacus Property Management Team who will take the necessary course of action.
Where leasehold properties are sublet to a tenant, correspondence relating to the property is generally sent to the owner at their main residence. In other cases, the owner may request that correspondence is sent to a letting agent. In this instance, it is essential that the property owner advises a member of the Abacus Property Management Team of alternative contact details, by filling out or emergency contact form, by letter/email, or by phone.