Service charges and management fees are in place to maintain the development and keep it in good order and to the standard set by the builder.
What is a Service charge?
A service charge is the money you pay towards the day-to-day running costs of your development. Every owner will pays a service charge and the amount of that charge will be dependent on the terms of your lease/Transfer documentation when you purchased the property. Service charges are used to cover the costs of the development such as insurances, cleaning, general maintenance, repairs, gardening, onsite staff and communal facilities.
When do you pay Service charges?
This depends on your lease, transfer or Deed of Conditions. You may be required to pay your service charge once a year, twice a year or if agreed by the directors in monthly instalments. If you aren’t sure when you should pay your service charge please contact us.
How is the Service charge worked out?
The service charge is based on a budget for the anticipated running costs for all areas within your development. Once the budget has been agreed by the directors it is then apportioned to each property, in accordance to the lease, transfer or Deed of Conditions.