All residents contribute to the cost of providing services, maintenance and management through a service or estate charge. Your lease will set out what proportion of the total cost of running the scheme that each owner has to meet.
We operate variable Service and Estate Charges which means that we estimate costs for the forthcoming year in advance and then balance the account at the end of year adding any credits (surplus amount) or debits (deficit) to the following years estimate.
By law, we have to consult all Leaseholders about any proposed expenditure that is likely to increase the service charge substantially and we must take your views into account.
All monies paid by homeowners relate solely to the scheme that they occupy and are accounted for separately. Reserve fund monies for long term maintenance and renewals are held in trust and interest from that investment is credited to the fund.
You are entitled to inspect the accounts, including receipts/invoices, relating to your home and to take copies. You are also entitled to apply to the First-tier Tribunal (Property Chamber) for a ruling if you believe that the service charge is unreasonable.
The First-tier Tribunal (Property Chamber) can determine the reasonableness of service charges, including costs and standard of works, and the adequacy and cost of buildings insurance.
You will receive a Service Charge Guide with your annual bill which will explain the charges for your scheme in more detail. Please contact us if you have any queries about your Service Charge.