How the Court Works
Management. A Management Company (Greyfriars Court Limited) was set up in 1989 by RSL, the freeholder, to provide the services at the Court. It is a not-for-profit private company limited by shares. The only shareholders are the Owners of the apartments and each apartment is allocated one share. The Service Charge is paid to this Company. The Court is managed by a Board of Directors made up of Owners (with one non-resident Director permitted) and elected by them at an Annual General Meeting. The Company employs the Manager and other staff.
Monthly Service Charge. Greyfriars Court Limited, as the managing Company, charges a monthly Service Charge as a contribution towards the cost of running the Court. This includes staff wages and salaries, routine maintenance of buildings and grounds, cleaning of windows and communal areas, water charges, communal electricity, buildings insurance and office expenses. A contribution is included to the Fund for Future Maintenance, which is designed to cover the cost of major projects like renewal of electric wiring, or carpet in the communal area.
Staffing. Greyfriars Court Limited employs all the staff, including the Manager, Duty Managers, Cook, Handyman and Housekeeping Assistants. A Duty Manager is on site 24 hours a day, 365 days a year. The day-to-day management of the Court is the responsibility of the Manager, who reports to the Board of Directors.
RSL. The freehold of Greyfriars Court is owned by Retirement Security Limited. Each apartment has an individual lease, which grants the purchaser a leasehold interest in the private dwelling and a share in the communal facilities. The lease also contains an obligation to pay a share of the cost of services (the monthly Service Charge). The lease may be sold on at the discretion of the leaseholder, with the consent of RSL, whose consent may not be unreasonably withheld. For further details, please refer to www.retirementsecurity.co.uk