RTM

This is what Nick Verdi, Director of Sales, Savills Clerkenwell and Shoreditch, feels about Dance Square, its marketability and comparison with other buildings in the area:

“Savills have been very active in marketing/selling flats in Dance Square recently. This year alone we’ve completed on 4 sales and are in the process of marketing/selling a further 6 flats at this moment in time.

The development is well received by viewers. The communal areas and gardens are well presented and give a positive impression as a desirable place to live. Concierge, the gardens and the relatively low service charges are the qualities that make Dance Square stand out. The block has aged better than most which is testament to the initial specification of the apartments (particularly the kitchens with white Corian work surfaces).

The Service Charge (£3.42 per sq ft) is considered to be at the more reasonable end of purpose built, modern developments. The majority of large developments have more facilities (gym, cinema room, pool) but service charges can go up to £10 per foot in some cases.

The speed of Management response when it comes to legal enquiries is much better than that of ‘average’ blocks, sales packs are available in a few days. In other blocks these sales packs can take weeks and are common cause for delays in the time taken for sales to exchange and complete.

Dance Square was one of the first blocks in the area to have a completed EWS1 form which is now critical to securing mortgage lending on blocks which have cladding/balconies.”

Urang Property Management is writing again to leaseholders urging them to sign-up to the RTM initiative and allow Urang to take over from Silvertown.

As we’ve set out in our Q&A, the DSRA Committee consider the costs are significantly under-estimated, the forecast savings not realistic, and the initiative mis-timed given the Law Commission’s recommendations in July 2020 – which will significantly simplify the RTM process and remove most of the costs in the future.

We believe that, in the meantime, the best course of action in the interests of leaseholders, is for us to continue to engage constructively with Silvertown Properties, which is resulting in ongoing improvements in the management of Dance Square.

DSRA will continue to keep leaseholders informed about latest developments concerning property reforms via our newsletters (as in our January Newsletter), and to provide a mechanism for residents to exchange information and benefit from a joint approach to Silvertown, One Housing and Islington Council where residents support this.