Unless you have the time and know what you are doing it is a good idea to appoint a professional company to look after the day to day management of your building.
If you have a block of 10 flats that needs to be managed it will be time consuming and you will need to familiarise yourself with the law before you start charging leaseholders fees.
Annual accounts need to be prepared if you are collecting a service charge from the leaseholders. Managing a block of flats can be very time consuming and many landlords employ the services of block managers.
Most block management companies should only charge a modest fee to look at the management of a block of flats. They will deal with the general day to day running of the block and will also ensure tat the block is adequately insured.
They will also deal with any emergencies that may arise and can also deal with any major works that need to be carried out. Unless you are a management professional it is much easier to employ an expert to look after the block. A block manager should be up to speed with the current legislation and will avoid the mistakes often made by amateur landlords.
With all of the recent changes in the law it is important to serve all of the correct notices on leaseholders when demands are made for service charges and particularly if building works are required to the block. If you make a mistake it could end up costing you tens of thousands of pounds.