What we do.

Company Purpose.

Day Flats Residents Ltd is the freeholder of the blocks of flats named on this web-site. It is a company owned by the leaseholders of 17 blocks of flats built by Day Brothers in the 60s. It exists as a means for leaseholders, collectively, to own the freehold of their flats.

Company Characteristics.

1. The company is not for profit.
2. The company is cost minimising.
3. Leaseholders form the company's board of directors and shareholders.
4. The directors will ensure that all income or cost is allocated to a block and is passed to the leaseholders of that block. e.g. if The Croft strikes oil then the leaseholders of The Croft receive all the benefit. If the Croft is damaged as a result of its leaseholders drilling for oil then it is the Croft that incurs the cost.

Responsibilities of a Freeholder.

Provision of buildings insurance.

1. Selection of policy and administer renewal.

   A better deal is available for the insurance of 17 blocks than would be obtained by each block individually. The yearly re-negotiation of cover occurs in Autumn every year. Insurance costs are calculated for each block and then these costs divided equally between the leaseholders of each block.

2. Manage insurance claims process.

   The current claims process is as follows.

   1. Request a claim form from the Company Secretary (see Contact Us menu option).
   2. The Company Secretary will provide a claim form and a copy of the current insurance policy.
   3. Leaseholder completes form.
   4. Leaseholder returns the form to Company Secretary.
   5. Company Secretary facilitates settlement of claim.

Maintenance of each block and freehold land.

1. Carry out tri annual inspections of each block.

   These inspections cover;

   1. Fire Safety.
   2. Drainage.
   3. Electrical and Gas services.
   4. Phone, Cable, TV and Satellite services.
   5. Structural Condition.
   6. Internal decorations.

2. Appoint and instruct surveyors.

   For maintenance work, the Company employs NPS Building Consultancy as its surveyor.

3. Facilitate access for inspection.

   The block representative will be contacted to provide access to the surveyors.

4. Produce maintenance schedules for each block.

   The inspection report lists any repair work that should be carried out, and provides an indicative costing with indications of high priority items.

5. Ensure maintenance schedules are implemented.

   For self managed blocks

   The Residents Association meets to review the work schedule and commissions estimates and works as required. It issues Section 20 notices on behalf of Day Flats Residents to ensure that costs can be recovered via the courts if necessary.

   For Blocks Managed by a Property Management Company

   The Property Management Company reviews the work schedule and commissions estimates and works as required. It issues Section 20 notices on behalf of Day Flats Residents to ensure that costs can be recovered via the courts if necessary.

6. Ensure a mechanism is in place to detect and repair accidental damage and wear and tear.

   This can be managed by the leaseholders or by contractors appointed by the company. In either case the company must provide a letter of authorisation.

7. Manage Estate Management companies where requested.

   Currently the only property management company contracted by Day Flats Residents Ltd is Neilson Project Services. Details of the contract are available from the Company Secretary.

Manage Relationship with Leaseholders.

1. Liase with each block's residents association.

   Each block is assumed to have its own residents association that appoints a block representative to handle communications with the company.

2. Maintenance of Leaseholder mailing lists.

3. Definition of Block Management Categories.

   Self managed blocks

   A self managed block addresses the maintenance schedule by itself. Its Resident's Association acts as an agent of Day Flats Residents Ltd. Carrying out maintenance projects after issuing invoices to cover costs.

   Blocks Managed by a Property Management Company

   A managed block is subject to the terms of the contract with the property management company.

4. Definition of Block Representative Responsibility

   For self managed blocks

   • Collection of Service Charge
   • Provide access to block.
   • Distribute correspondence.

   For Blocks Managed by a Property Management Company

   • Provide access to block.
   • Distribute correspondence

Leasehold sales and lease extensions.

1. Legal Advice.

   The Company requests legal advice from local solicitors.

2. Permission to Sell.

   The Company must ensure that all debts owed by a leaseholder to the company are settled before a leasehold property can be sold. This condition is satisfied by the creation of a 'license to assign' (permission to change the owner of the lease) document when a lease is sold. It is only granted, by the company, when the leaseholder has paid outstanding charges.

3. Leasehold Sales.

   The current sales process is carried out by the Company Secretary.

   1. Buyers solicitors are provided with the Company's annual accounts and companies articles and memorandum.
   2. Both solicitors are provided with a detail of the outstanding charges to the leaseholder.
   3. A license to assign document is drawn up at a cost payable by the buyer.

4. Lease Extensions.

   The right to extend the period of a lease is protected by law.

   Given that the company's shareholders and leaseholders are one and the same, the company will only seek to recover its costs when a lease extension is requested.

Recover Administration Costs

1. Charges.

   Charges fall into the following categories

   1. Ground rent. Set in the terms of the lease.
   2. Insurance. Cost of providing buildings insurance.
   3. Administration Costs.

      Cost of providing surveyors, running mandated company meetings. These are general overhead costs - cost specific to a block is managed through the blocks residents association or its residents association in conjunction with its property management company

2. Collection of Administration Charges

   For Self Managed Blocks

   The charge is calculated by the Company Secretary in January each year. A spreadsheet describing the charge for each flat and garage is passed to the block representative for collection and settlement to the company secretary.

   For Blocks Managed by a Property Management Company

   The charge is calculated by the Company Secretary in January each year. A spreadsheet describing the charge for each flat and garage is passed to the property management company for collection via the company's billing process.

Responsibilities of Private Limited Company.

Members / Shareholders Register.

1. Updated by Company Secretary on change of flat ownership.
2. The shares are conditional, members of the company must be leaseholders.

Board of Directors

A Board of Directors is appointed at the AGM. The directors are leaseholders and unpaid. Directors details are passed to Companies House.

Annual audited accounts.

Companies House kept up to date with annual accounts by Company Secretary. A firm of accounts is appointed each year to review the company accounts and prepare a report for presentation at the AGM. The accountants for 2013 are Warneford Gibbs .

Annual General Meeting

Minutes sent to all leaseholders by the Company Secretary.

Directors' Meetings

The directors meet around 5 times a year to monitor the progress of the Property Management Companies, deal with any issues raised by leaseholders or others. Minutes are available on request from Company Secretary.