The process to transfer from an existing Managing Agent to HMS is very simple.
Once the decision is made to terminate an existing Managing Agent's contract, notice must be given to that Managing Agent in accordance with the Terms of Business that are in existence which govern the contract. Some Managing Agents may be prepared to waive or shorten the notice period.
HMS will not wait for the notice to expire before commencing activities on your behalf. We prefer to engage with the previous Managing Agents during any notice period. Our fees will only be operative from the date that the contract with the previous Managing Agents cease. In this way the client company does not pay twice for the same service.
However, by engaging with the existing Managing Agents before their contract expires they are contractually bound to provide information to HMS, in accordance with your instructions (HMS will prepare appropriate authorities for your signature).
The objective is to ensure a smooth handover takes place with all relevant documentation, keys, insurance and maintenance matters, any outstanding issues and cash in client accounts being dealt with correctly.
HMS will handle the entire process on your behalf. Following the handover HMS will prepare a Directors' Handover Report. This report is essentially an audit of the state of the management of the property and your management company as at the take over date. If recommendations are necessary they will be contained in the report. The HMS inaugural property inspection will also be undertaken and a handover report prepared.
HMS will handle the opening of a new bank account and will ensure all sums of monies are paid into that account. Directors of the client company may need to comply with the Anti Money Laundering requirements of Lloyds TSB Bank plc or a bank of their choice if they are not already known to the bank. HMS will provide guidance.
In essence apart from making the decision to appoint HMS there is very little else that the directors will have to do. HMS will organise and fast track all activities to make the transition as smooth as possible.