Your service charge
A service charge is a payment you make towards the services and maintenance, which are provided for your building and estate. When you first buy your home, you will be provided with an estimated annual cost of the services to be provided.
With new build properties, the first year of service charge estimates will not be calculated on actual costs and may, vary considerably at the end of the financial year. This is because we have not yet built up an actual history of costs for running the scheme.
Our aim is to get estimates as close as possible to actual costs. The service charge year runs from 1 April to 31 March. We review the estimated charges each year and will send you a new estimate.
After the end of each service charge year, by 30 September, you will receive a summary of the final (or actual) costs for that year. If the actual costs have varied from the estimated costs, we will adjust your account for the following year. With your statement, you will also receive a Summary of Rights and Obligations.
We invite leaseholders to service charge review meetings when the final accounts are available for the preceding year. This is your opportunity to query any of the costs and charges incurred and to have input into the budgets proposed for the forthcoming service charge year.
If you would like more information on service charges, please contact the customer services team.