The first weeks after a building changes hands are the most exposed. Records are incomplete, contractors are unsure who to call, and residents are watching. A clear plan for the first three months keeps the building safe and builds confidence.
Days 1 to 14: secure the basics
- Insurance. Confirm the building is insured, in the right name, with the right cover. Do not let cover lapse.
- Money. Open or confirm the bank account for the company. Confirm who can authorise payments, and arrange to receive the service charge funds held by the outgoing manager.
- Contacts. Tell residents who to contact, and set up a simple route for urgent repairs.
- Keys and access. Collect keys, access codes and plant room details.
Days 15 to 45: gather and check
- Records. Collect the lease, accounts, service charge demands, contracts, certificates, risk assessments and warranties. Ask in writing for anything missing.
- Contractors. List every contractor, what each does, the contract terms and the notice period. Decide which to keep.
- Safety. Check the fire risk assessment is in date, and arrange the checks you need: for example fire alarms, emergency lighting, lifts and water systems.
- Arrears. Find out what is owed, by whom and for how long.
Days 46 to 90: set up the routine
- Budget and demands. Agree the budget for the year, and issue service charge demands that comply with the law.
- Calendar. Set up a compliance calendar with the dates for insurance, filings, inspections and meetings.
- Accounts and company. Make sure the company’s books are started, the registers are up to date and the filings are in diary.
- Communications. Send a first update to every leaseholder, and agree how often you will write.
- Review. Hold a board meeting to agree what went well, what is missing and what to do next.
Do not try to fix everything at once. Make the building safe, find out the facts, and then plan improvements in order of risk.
Things that catch people out
- Funds that have not been handed over.
- Safety certificates that have expired.
- Contracts with long notice periods.
- Service charge demands that do not meet the legal requirements.
Next steps
Write the 90-day plan on one page, name an owner for each item, and review it at every board meeting until it is finished.
This guide is general information, not advice on your circumstances. Leasehold law is detailed and changes: check the current position and take advice before acting.