Financial Management
We handle everything, from everyday maintenance costs to long-term planning, so your property stays financially stable and stress-free. With clear processes and reliable oversight, we help you stay on top of budgets, payments, and future planning.
What we do
- Issue clear, timely service charge demands with full breakdowns
- Collect payments and send reminders to support cash flow
- Review and pay invoices accurately and promptly
- Prepare end-of-year service charge accounts with full transparency
- Support long-term planning through structured reserve fund contributions
We work closely with RMCs, RTMs, landlords, and developers to manage the entire financial cycle. Our transparent and detailed approach gives you confidence that your money is managed with care.
Issuing service charge demands
We prepare clear service charge budgets based on your development’s needs. Demands are issued on time and in line with the lease, with full breakdowns so leaseholders know exactly what they’re paying for.
Collecting service charges
We offer flexible payment options and send reminders to keep collection on track. This supports healthy cash flow and ensures services continue without disruption.
Paying invoices
We review all contractor and utility invoices before payment. To begin we check for accuracy, confirm authorisation, and pay suppliers promptly to avoid delays or late fees.
Preparing service charge accounts
At the end of each financial year, we produce detailed service charge accounts. We usually partner with independent accountants to ensure accuracy. Once complete, we share the accounts with leaseholders to build trust and show how funds were used.
Reserve fund planning
We work closely with directors and freeholders to plan for future maintenance. Through structured reserve fund contributions, we help avoid unexpected costs and keep your building financially resilient.
FAQ
How are service charge budgets prepared, and how often are they reviewed?
We prepare annual budgets in collaboration with directors, based on actual and forecasted expenditure. Budgets are reviewed regularly to reflect changing needs, with adjustments communicated clearly to leaseholders.
How are year-end accounts produced and issued to leaseholders?
We prepare year-end accounts in line with lease requirements, often working with independent accountants. Final statements are issued promptly, and we’re always available to explain charges to leaseholders.
What does the service charge cover, and how is it calculated?
The service charge is a financial contribution from leaseholders used to cover shared costs like cleaning, lighting, gardening, insurance, and maintenance of communal areas. At JMJ, we ensure transparent service charge budgeting and work closely with RMCs and landlords to ensure funds are spent responsibly.
What payment methods are accepted for service charges?
We accept direct debit, online bank transfers, and card payments. Leaseholders can find payment instructions clearly detailed on their invoices.
Do you make a profit from service charges, or how are your fees structured?
JMJ’s fees are agreed upfront, budgeted for and paid in line with the management agreement. We do not take commissions or add hidden costs to contractor invoices.
How do you handle late or unpaid charges?
We follow a structured arrears process in line with lease terms, while being fair and approachable. Leaseholders are given clear timelines and opportunities to resolve outstanding balances.
What happens if JMJ takes over mid-year—how do you manage finances and backdating?
We perform a full handover audit, review existing budgets, and reconcile incoming and outgoing funds to ensure a smooth transition. Accuracy and transparency are priorities.
How are anomalies or unexpected costs explained to residents or directors?
All cost variations are logged, investigated, and communicated to clients with clear explanations. We keep clients informed via newsletters or budget notes.