Shared ownership service charge guide
Service charge estimates (Shared Ownership only)
Service charge estimates are your share of the costs we expect to spend on the provision of services for your estate or apartment block in the next year.
Key Points:
- Accounting Period: 1 April to 31 March each year.
- No Profit: We only charge for actual costs, not for profit.
- Calculation: Based on current contracts, past charges, and other data. We aim to be as accurate as possible.
- Reconciliation: After the year ends, we check the actual costs and update you in the following september.
For more details, check your lease agreement or ask a professional.
Why Do I Have to Pay?
Your lease requires you to contribute to these costs. Payments are collected via direct debit, helping you spread the cost over the year.
Difficulty Paying?
If you're having trouble paying, contact us right away to discuss options. If we don't hear from you and you haven't paid or set up a direct debit, your account will be in default and we may take action to recover the arrears.
What Do My Service Charges Pay For?
Services vary by property. Your service charge statement lists the services for your home. Here are some examples:
- Management Fee: Covers the cost of managing leasehold and estate services.
- Insurance: Covers the structure and common areas, not your home contents.
- Communal Cleaning: Cleaning of shared areas.
- Window Cleaning: External window cleaning, if applicable.
- Caretaking: Services like litter picking, light bulb replacement, and safety checks.
- Communal Electricity: Power for shared areas, lifts, door entry systems, etc.
- Lift Servicing: Maintenance of lifts.
- Lift Line: Emergency line rental for lifts.
- Cyclical works and Safety Checks: Testing of electrical systems, emergency lighting, fire alarms, and doors.
- AOV Servicing: Maintenance of automatic opening vents.
- Water Tank and Pump Room Servicing: Testing and servicing.
- Grounds Maintenance: Upkeep of communal grounds, including grass cutting and tree maintenance.
- Sinking Funds: Savings for future major works, like redecoration or road resurfacing. This money is held in an interest-earning account.