Prior to the end of our management period, your Relationship Manager held a meeting with residents to explain the financial position and the limitations around day-to-day management. As you're aware, the only available funds for managing the development come from Service Charges. Unfortunately, your development was transferred to Ringley with a ‘sales’ budget rather than a properly structured operational budget, which significantly limited available resources. Additionally, there were unpaid voids for vacant units left by the developer, which were only settled when the freehold was sold. These financial constraints meant that Ringley had to operate on a very restricted budget from the outset. We fully acknowledge the concerns raised and appreciate that these issues are not the fault of the owners or residents. However, with such limited funding, we were required to prioritise statutory compliance over other works. We hope that your new Freeholder will provide their managing agents with the appropriate funding needed to carry out the necessary remedial works and address the outstanding issues.