How the development works
Four distinct roles shape how Local Blackfriars is owned, governed and managed.
The Emerald trustee companies took over the freehold from FICM Limited in 2022 and perform the Landlord functions assigned by the leases.
The freeholder arranges the buildings insurance, while each leaseholder contributes their specified share of the premium. Ground rent is a different charge under the lease.
Leaseholders own a long leasehold interest in their apartment—not the building’s freehold. The lease gives possession for its term, subject to its covenants. Leaseholders pay the charges specified by the lease and have contractual and statutory rights.
Local Blackfriars Management Limited is a lease party responsible for the building and estate management services set out in the leases, as well as service-charge administration.
These services include repair, maintenance, cleaning, security and shared facilities. Leaseholders contribute their specified shares of the permitted and reasonably incurred costs through the service charge.
Urbanbubble currently carries out day-to-day management work as MANCO’s appointed agent. The managing agent may change, but delegation does not remove MANCO’s accountability.