As inflation rises and fire safety regulations tighten across the UK, millions of leaseholders are facing higher service charges and maintenance bills, which have increased by an average of 51.7% since 2018.
With household budgets under pressure, now is the time to take action to save money on property maintenance. Letitia Randell, Managing Director of block management firm LRPM, shares her top tips for why August is the ideal month to address one of the most critical aspects of your property—your roof.
By taking proactive steps this August, you can save money, ensure your property is well-maintained, and avoid the stress of unexpected repairs later in the year. Letitia Randell’s expert tips provide a practical guide for leaseholders looking to cut costs and protect their investments.
Please note that all figures are approximate and may vary depending on individual circumstances.
- Take Advantage of Summer Weather
August typically brings warm and dry weather, making it the best time to inspect and repair your roof. A well-maintained roof can prevent costly water damage, which often goes unnoticed until it’s too late. By scheduling repairs now, you avoid the rush and higher costs that come with emergency fixes during the wetter, colder months.
Saving: Preventing water damage can save thousands in repair costs and keep insurance premiums low.
- Preventative Maintenance vs Reactive Maintenance
Winter storms can wreak havoc on an unprepared roof, leading to leaks, insulation damage, and even structural issues. By addressing any weaknesses in your roof now, you can avoid the need for emergency repairs, which are often more expensive and can disrupt your daily life.
Saving: Early maintenance can prevent the need for costly emergency repairs that can exceed £1,500.
- Consider the right to manage.
If your building isn’t currently in a residents’ association, the freeholder will be in charge of management. This means you have less control over the suppliers chosen and may not be aware of secret commissions that are driving up your service fees.
Securing the right to manage by creating a residents’ association requires membership of more than 50% of tenants in the block and it must be structurally detached. Not only does a residents’ association increase the sense of community in a building, it can also drive down costs.
Saving: £1,000 per year per household
- Choose a transparent agent
Choose an agent with an open and honest policy, a fixed fee rate. A leaseholder should be able to access a file of invoices at any time, to ensure that service providers are not overcharging and taking hidden commissions.
For example, an electrician may charge £40 to change a lightbulb, but some agents will charge the leaseholder as much as £120.
Saving: £250 per year
- Take on fire safety tests
Fire safety requirements are here for everyone’s safety and require weekly testing of alarm panels, and monthly testing of emergency lights.
You can save thousands of pounds per building by taking this work on yourself, usually on a rota basis between residents. The law requires that a clear record is kept of the tests being completed, so keep a signed sheet with dates and times.
Residents associations who take on this responsibility from their management firm typically save around £400 per month, per alarm panel.
Saving: £4,800 per year
- Organise resident maintenance days
Work with your agent to plan residents’ maintenance days. This could include gardening, cleaning, painting railings at low heights, or hoovering hallways.
This can save thousands of pounds: just repainting some railings every five years might cost £7,000-£10,000, but you and your neighbours can do the work in an afternoon.
The terms of a lease usually require residents to adhere to requirements and keep buildings in ‘good order’ but that doesn’t necessarily mean you always have to pay a contractor, as long as all work is completed within health and safety guidelines.
Saving: £2,000 per year
- Reduce unnecessary costs
Undertake a full audit of all the outgoing costs associated with your maintenance fee to find areas to save money. For example, many buildings have cleaners visit weekly. In most cases, this isn’t actually necessary and by reducing the frequency to every two weeks, you can halve your monthly cleaning cost.
Your building management firm should be available to help identify these costs and any areas where outgoings can be reduced.
Saving: £6,000 per year