# BLOCK MANAGEMENT AGREEMENT
Date: 6 March 2032
Parties: Oakbridge Court Residents Management Company Limited and Elmstead Property Services Limited
## 1. Purpose and parties
Oakbridge Court Residents Management Company Limited, acting for the leaseholders of the 24 flats at Oakbridge Court, 14–28 Willow Lane, Reading RG1 6QH, appoints Elmstead Property Services Limited as managing agent from 1 April 2032. The company secretary, Rachel Morgan, signs for the client, and Elmstead's branch manager, Daniel Foster, accepts the appointment for a three-year term.
## 2. Facts, scope and terms
Elmstead will collect the service charge, prepare a budget for the accounting year ending 31 March, manage routine and emergency repairs, procure contractors, arrange buildings insurance and administer resident correspondence. The approved annual management fee is £18,240 plus VAT, paid monthly from client money, while disclosed contractor or insurance commissions are prohibited unless the client approves them in writing.
## 3. Process and responsibilities
The agent may authorise routine works up to £2,000 per item and urgent works needed to protect life, property or essential services. Works for which any tenant's contribution is expected to exceed £250 will be consulted on under Section 20 of the Landlord and Tenant Act 1985 where the statutory regime applies. A planned roof renewal budget of £38,400 must not be committed until the consultation and client approval are complete.
## 4. Evidence, records and safeguards
Elmstead will maintain a separate client account, reconcile it monthly and hold the £42,000 reserve fund only for the purposes approved by the leaseholders. It will obtain three comparable quotations where practicable, check contractor insurance, maintain fire-risk, asbestos, electrical and gas records, and renew the £5,500,000 buildings policy before its 30 September 2032 expiry.
## 5. Review, escalation and outcome
By the 15th day of each month Elmstead will send the directors a statement showing receipts, arrears, invoices, reserve movements, work orders and unresolved risks. It will provide leaseholders with the approved budget and annual service-charge accounts within six months of 31 March 2033, answer information requests within 21 days where reasonably possible, and preserve invoices and inspection photographs for six years.
## 6. Reservations and practical protections
The directors may review performance every quarter and may require a correction plan for missed inspections, unexplained expenditure or an unresolved complaint. Either party may terminate on 90 days' written notice after the first year; immediate termination is permitted for fraud, loss of client-money protection or material breach not remedied within 14 days. Elmstead will transfer keys, records, passwords and balances within 20 business days.
## 7. England and Wales law and completion
This completed fictional agreement is governed by the law of England and Wales and is signed on 6 March 2032. It does not permit the agent to vary leases, commence forfeiture proceedings or borrow in the client's name without written authority. The parties retain the signed schedule, fee statement, insurance certificate, approval minute and a copy of this counterpart.