Page 5 - Budenberg Haus Projekte

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About Budenberg Haus Projekte Management Company
Contents Insurance
If you are a leaseholder that rents out their apartment, it is always advisable that you take out a Landlords Insurance. If you live in the apartment you will need to purchase your own contents insurance. If you were to turn your apartment upside down anything that does not move such as bath, sinks, toilets, kitchen units and wooden ooring would be covered by the Buildings Insurance but items such as carpets, curtains and personal possessions would only be covered by contents insurance.
The Management Company is set up to ensure that the lease obligations are adhered to by the Landlord / Freeholder. The Management Company has been in place since Budenberg Haus Projekte was opened. The Directors of the Management Company are made up of eight leaseholders who are elected annually at an AGM
meeting; each Director gives up their own personal time to represent all of the apartment owners. It is the Management Company that Mainstay reports to. The Management Company Directors meet with Mainstay on a monthly basis and Mainstay reports all nancial, maintenance and leaseholder matters to the Board of Directors.
About your Freeholder / Owner of the Building
The Freeholder is E+J Estates Limited; as Freeholder they provide and procure the Buildings Insurance. The insurance covers the communal area and building fabric, speci cally the re-build costs should a major incident occur for example leaks, storm damage, vandalism, re damage etc. The Buildings Insurance is collected as part of the service charge and also covers quarterly lift inspections.
The Management Company reports to the Freeholder to ensure that the Freeholders obligations are meet in line with the lease covenants. If you are a leaseholder you are obliged to pay Ground Rent to the Freeholder as the landowner; service charge is payable to the Management Company for the provision of communal services.