Property is a valuable investment which needs to be looked after properly and "serviced". The importance of proper care and servicing of expensive cars is generally appreciated but strangely it is often the case that inadequate attention is paid to properties which are usually worth a great deal more. They have taken the view that proper professional property management will be put in place for all properties accepted as investments in L&C Pensions.

This property management includes the following:

* ensuring prompt collection of rent
* monitoring the physical condition of the property and ensuring that any repairs or maintenance which may be required from time to time are carried out (the cost of repairs and maintenance will be the responsibility of the tenant)
* ensuring that the various covenants in the lease are observed by both tenant and ourselves as landlord (there are sometimes over 40 covenants for the tenant to observe)
* monitoring the use of the property to ensure compliance with current planning consents and any relevant regulations
* dealing with any notices served on us as Landlord by the local authority or other bodies. Any notices served on the tenant will be their responsibility.

Professional Managers
The Scheme property managers are Bishop Whitehead, a firm of Chartered Surveyors. Its three directors are, Nigel Whitehead, Tim Bishop and Richard Hayward who have extensive experience in dealing with commercial property including valuation and landlord and tenant matters.

In particular they have experience in dealing with this particular type of investment, where the responsibilities of L&C Pensions as Trustee of the pension fund and its nominee as landlord meet the needs of scheme members who are often also the tenant. Bishop Whitehead will submit reports to us at least once a year following an on-site inspection. Informal inspections may also take place at other times.

Other aspects of ongoing management for which the managing agents will be responsible, and the related charges are:

Periodic revaluations £300
Lease renewals 10% of the first year’s rent
Rent reviews 7.5% of the revised annual rent
Dealing with tenant’s requests to either assign, sublet, carry out alterations or similar Minimum fee £200 plus disbursements

VAT will be added to all fee accounts Insurance

Properties will be insured by us under a special "block policy". The cost will be charged to the tenant.