Homeownership service charges
Your service charge covers our services, building insurance for your property and a management fee.
You pay a variable service charge, which can change yearly based on the 'actual' costs. You pay the charges in arrears and are charged for the actual cost of the services at the end of the year.
We calculate your service charge by comparing the services' cost in the previous financial year and charging you a reasonable proportion of the costs of those services.
Actual service charges
These are the actual costs for the services you received in the previous financial year, we do not provide estimated costs. Every April, you will be sent an invoice and charged for works or services undertaken previously (financial year - 1 April to 31 March).
Our responsibility as a landlord
Our responsibilities for service charges include:
- telling you how we work out service charges and the various ways you can pay and giving you advice/help if you fall behind with payments
- giving you an invoice for your service charges every year clearly stating the services you're being charged for
- providing major works account statements on request
- making sure your property has building insurance (you are responsible for insuring your home contents)
Our responsibilities for accounts include:
- providing a service charge account statement on request
- contacting you within 28 days if your account falls into arrears
- agreeing to reduce arrears via a payment plan and explaining the payment options available to you
Building insurance
As your landlord, we provide building insurance for your leasehold or shared ownership property in case of accidental loss, destruction or damage to the block from fire, a flood or an earthquake.
Building insurance is an annual charge based on the cost of rebuilding your property, and we recharge this to you.
To read a summary of the building insurance cover, please see our webpage document leaseholder summary of cover.
Please be aware that building insurance doesn't cover your belongings. You'll need to buy contents insurance to cover any damage or theft of your belongings.
If you sublet your property, you're not covered for loss of rent in case of an emergency.
Management fee
We charge a management fee to provide you with the following services:
- inspecting the property to check condition and deal with any necessary repairs
- periodic health and safety checks but not specialist checks and tests
- holding annual meetings with residents
- regular visits of neighbourhood services officers
- preparing and distributing service charges
- maintaining your service charge account
- accounting for service charges before examination by an independent accountant
- providing management information to residents
Your management fee is a fixed amount of £130 per annum