What is one major responsibility of a Management Company in leasehold properties?

A major responsibility of a Management Company in leasehold properties is to enforce lease terms and manage finances. This includes ensuring that all leaseholders comply with the terms outlined in their leases, which might involve monitoring adherence to property rules, managing disputes among leaseholders, and taking necessary actions if lease conditions are violated.

Additionally, the Management Company is responsible for the financial aspects of the property, such as budgeting for maintenance, collecting service charges from leaseholders, and overseeing expenditure to ensure that the common areas and services are well-maintained. This financial management is crucial for maintaining the property’s value and ensuring that all operational costs are met transparently and efficiently.

Other responsibilities such as developing residential properties or choosing tenants typically fall outside of what a Management Company handles in leasehold scenarios, as these tasks are more aligned with property developers or individual leaseholders.