Service charges in, contractors paid, client money accounted for
You collect from leaseholders, pay the contractors who keep the building running, and hold money that belongs to each block and must be accounted for separately. The work is keeping every pound tied to the right block and provable.
Many blocks, one pooled headache
Service charges and ground rent come in from leaseholders across many blocks, on different schedules, often with references that do not say which block or unit they belong to.
The money then goes out to contractors, insurers and suppliers for each block, and those payments have to be drawn from the right block's funds, not pooled and guessed at.
Leaseholder money is client money: it belongs to the block and must be held segregated and accounted for, which is hard to prove when collections and payments run through general banking.
The payment mix that fits
Not one rail. The two to four that match how money actually moves here.
Collect service charges and ground rent on a mandate, referenced to the unit and block.
Hold each block's funds in a segregated account so money in and out ties to the right block.
Pay contractors, insurers and suppliers the same day from the correct block's funds, referenced.
Your flow of funds, orchestrated
Service charges and ground rent collect over Direct Debit, each payment referenced to the unit and block. Each block's money is held in a segregated account, so leaseholder funds are never pooled. Contractors and suppliers are paid over Faster Payments from the correct block's balance, referenced to the work. Every collection and payment reconciles per block on one ledger, giving you a provable position for each.
Every book moves money differently. We map your flow of funds and quote one integration across the rails that fit.
Related
Payments for property and block managers: FAQs
Each block's funds are held in a segregated account and reconciled on the ledger, so leaseholder money is tied to its block rather than pooled.
Yes, over Faster Payments, drawn from the correct block's funds and referenced to the work, so the block's records reconcile too.
Each collection is referenced to the unit and block and reconciles automatically, so you are not matching bank lines to leaseholders by hand.
Tell us how you get paid
Send us the mix of payments you take and make, and we will quote one integration across the rails that fit, priced on your volume.