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a lot of contracts for each property, with the potential downside being that the process becomes over complicated and mistakes can occur.
Providing a solution But it needn’t be so complicated – and this is where LSL Property Services, one of the most respected property services providers in the UK, can help. Their Corporate Client Department (CCD) can take on core responsibilities and ease the operational burden associated with multi-agent portfolio management. Established in 2004, LSL has grown in size and stature within the UK property market and now operates under 19 brands, including estate agents, lettings agents, surveyors and conveyancing. LSL CCD, which already works with a number of trusts in the Channel Islands, also offers valuation and panel management services, asset management and property management services. And, if that wasn’t enough, LSL has also established itself as a major industry commentator, producing regular monthly reports and commentary on the UK property market, some of which are referred to within UK Government.
Meeting all your requirements LSL CCD is already firmly established in the UK for its management of multi-property corporate portfolios. As well as working with trusts, their clients include banks, building societies, mainland local government, investment companies and private landlords. Their ultimate aim is to provide a centralised solution for all property types, whether it be residential, commercial, mixed use or beneficiary owned, and, in the case of trusts, to help in streamlining administration, protecting wealth and driving the investment of all property holdings for the benefit of their clients. With the support of a dedicated business unit, LSL CCD can provide tailored solutions for risk management, lettings, valuations, surveying and property sales through their network of more than 500 high-street estate agencies, including the highly respected London agent Marsh and Parsons, also part of LSL. Added to this, they can offer comprehensive support through LSL Weblet, which has been designed with landlords and trusts in mind, and which provides a full online overview of the status of individual rental properties. This includes details on rental payment, when the rent was last paid, income and arrears details and any void periods – it’s a great way for trusts to demonstrate their knowledge of an individual property or full property portfolios to their clients.
What makes LSL CCD really different? LSL CCD is vastly experienced in the intricacies of corporate property management, and offers a bespoke Portfolio Audit Service, which enables trusts to manage risk. As part of the service, specialist teams from LSL CCD prepare in-depth reports on the properties held under trust and rank any risks they associate with the property according to their potential impact on the trust. ‘Business critical’ risks, for example, relate to breaches of statutory or regulatory requirements, which, if the trust is unaware of them, may result in criminal prosecution, material financial loss, or damage to reputation – particularly if any resultant breach be more widely publicised through the media. All of which a trust would find hard to recover from, and which would damage that all-important client confidence. The reports also highlight compliance errors where there is a procedural mistake or where processes are being incorrectly
LSL offers comprehensive support through LSL Weblet, which provides a full online overview of the status of individual rental properties conducted. The reports also suggest where business improvement could be made. The core purpose of the Portfolio Audit Report conducted by LSL CCD on property portfolios for trusts is to ensure all statutory regulations are being adhered to, and that there is documented proof of the requisite certification. Key areas of investigation include ensuring that: ● Full terms and conditions for individual properties are present ● Buildings insurance is in place and fit for purpose ● Gas safety certification is legally correct ● Avoidance of lease expiry with no renewal documents is in place ● There is traceable evidence as to whether a deposit was collected This service is uniquely tailored to the industry and allows trusts to confidently demonstrate that the properties are being well managed, thus strengthening their reputation and heightening future business opportunities.
Moving to LSL LSL CCD understands that some trusts may be interested in their proposition but have existing agents working with them and contracts in place. Bearing this in mind, LSL CCD is now offering a Risk Mitigation Service. This will identify the trust’s existing risks and liabilities on a property/properties, and immediately help manage those through robust management of the existing agent until the end of their contract. At that time LSL CCD will be able to then take on the full management and begin the process of mitigating the associated risks, with the existing agent used for tenant-find services only. All in all, LSL CCD offers a great one-stop property solution for trusts in Jersey and Guernsey by providing: ● Risk mitigation for Trust Directors ● Operational efficiencies ● Improved transparency ● Reduced cost and improved revenue opportunities ● Optimum asset performance And, of course, confidence not only from the trust in dealing with LSL, but also from the settlor who can ultimately see how well their assets are being managed. n
Find out more If you want to find out more about the property services provided by LSL’s Corporate Client Department, simply contact the dedicated Trust Team on +44 1392 316885, Ian Long on +44 7767 656023 and ian.long@lslps.co.uk, or Jeremy Ogborne on +44 7794 086420 and jeremy.ogborne@lslps.co.uk
September/October 2014 businesslife.co 39