PMS Property Manager proves worth to Leaseholders in Walton-on-the-Naze
Members of the PMS Property Management team were determined to tackle a huge insurance hike facing clients following a revaluation.
The Leaseholders at Great Eastern Court, the converted railway station at Walton-on-the-Naze, were facing a block insurance price rise of nearly £1,800 in two years.
Sue Holness, Director of Great Eastern Court Management Company, explained: “It’s quite a complicated property as a former railway station, next to the railway line and close to the sea. But we believed the insurance premium was astronomical.
“PMS helped us to formulate a letter to the Freeholder, and to write again when we still weren’t happy with the premium.
“Their team were so efficient, professional and incredibly knowledgeable – you have to trust your Managing Agents to work in your best interests, and PMS have exceeded expectations.”
PMS agreed to challenge the premium and, initially, the Freeholder’s broker agreed to reduce it by £850. We still felt that was too high and we obtained an alternative quote from the broker PMS normally uses, which was more than £2,400 lower. After a lot of toing and froing with the Freeholder they agreed to reduce the premium by more than £1,200 and, with the renewal date approaching , this was accepted.
But the story didn’t end there. One of the Leaseholders again approached PMS as they were still unhappy with the premium. After further liaison with the Freeholder, the broker agreed to bring the premium in line with the quote we had sourced, and Great Eastern Court received a refund of more than £1,000.
The total saving was almost 24 per cent, a staggering £2,357. Sue Holness said: “PMS saved us a huge amount of money. What impresses me is they didn’t have to help us with this – they did it because they felt it was right. They did a stunning job and brought our premium down an unbelievable amount.”
PMS Managing Estates’ advice is to be persistent and do your research – obtain other quotes and don’t be afraid to challenge the premiums given by Freeholders – if you think they are excessive say so.
For more information or to transfer your leasehold management to PMS Managing Estates please get in touch or call us on 01206 835350.