gfGuinea Florin Ltd - property management, Tower Hill, London

Guinea Florin.

Frequently asked questions

What do property management companies do?

Basically, everything outside of your front door is our responsibility. Property management companies like Guinea Florin manage buildings on behalf of their clients, usually the owners or the tenants of flats in the building. Guinea Florin run all aspects of the operation of a building including cleaning, porterage, security, internal and external decoration, general maintenance, repairs and refurbishments, fire and safety certificates and insurance. In addition, management companies will, on request, release information to solicitors required when a property is bought or sold.

Do you manage residential lettings?

As it happens, we do. Guinea Florin already manage a number of residential apartments in our buildings and this is a separate service we offer as a private agreement between the owner and Guinea Florin. We have very good relationships with local estate agents and are able to negotiate very good lets for our clients with high quality tenants. We ensure everyone is happy; we get to know both our owners and tenants, ensuring flats are well maintained and cared for and any issues are addressed quickly and reasonably.

Are you an estate agent?

No. We don't buy or sell properties, but we are involved in the purchase of flats in our buildings. We assist solicitors with their legal searches and supply information on service charge levels and any outstanding sums to the buyer.

How does the property management company operate?

Each client (owner or tenant of a flat) pays an annual service charge. This charge is set at the beginning of the financial year and reflects the anticipated expenditure on general and regular services to keep the building maintained, operating smoothly and safely and looking good. In addition, the service charge includes a sum set aside for future major expenditure - for instance an external re-decoration or roof repairs. All expenditure is itemised in the service charge, so clients can see where their money is being spent. Clients have the opportunity to attend an AGM, where any issues can be raised and discussed with the management company.

In addition, Guinea Florin operate an 'open door' policy - clients are able to contact us whenever necessary about any aspect of the operation or management of their building.

How is my service charge set?

Guinea Florin set the service charge taking into account several factors. We base each year's projected expenditure on the past year's costs. We anticipate any extraordinary items and allocate sums to the reserve account. Wherever possible, we try and minimise any year on year increases. In fact we have track record of running very efficient service charges and lowering costs wherever possible.

How does the management company make money?

Guinea Florin charges a fee to the service charge fund for its services. This fee is always competitive, transparent and agreed with the residents association or the directors.

How do I change my management company?

It's easier than you think. A simple majority vote at an AGM or EGM can enable occupiers to change their management contract and select new agents. If you are unhappy with your present management company, or just reviewing your options and would like a private, informal consultation with Guinea Florin about how we can improve your service and what we can offer your building, then please get in touch: info@guineaflorin.com

Guinea Florin Ltd · 65 Royal Mint Street, London E1 8LG · Tel: 07860 461007 · info@guineaflorin.com