These are charges for services we provide to you as your landlord. These charges are detailed and form part of the terms in your lease or tenancy agreement.
A Variable Service Charge is based on the actual cost of providing the service or services and can increase or decrease accordingly.
A Fixed Service Charge on the other hand, is a fixed fee we estimate for the year regardless of the actual cost of the service or services we provide to you.
The type of service charge will depend on the terms stated within your tenancy or lease agreement.
We calculate Variable Service Charges as follows:
Budgeting - every February we will issue you with a service charge notice. This notice will include a full statement of our estimated charges for the forthcoming financial year (April to March).
New Service Charge Rate - from the 1st of April you will pay your service charge at the new rate detailed in the above notice.
Actual Cost - At the end of the financial year we will compare our actual expenditure on the service(s) we provided you with against our original estimated expenditure. If we have overestimated or underestimated your service charge, we will adjust accordingly any differences on your next year’s budget.
We will be issuing you with a summary of our actual expenditure six months after the end of the financial period. Please contact us straight away if you do not agree with the charges and we will do our best to explain these to you.
Last updated 03/12/2013
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Updated by Athanasios Protopapas on 03/12/2013 14:23:33
Comment: The policy was reviewed at the November 2013 Board Meetings and no changes to the existing policy were suggested.Details: (show)
Chapter titled "What are Service Charges?" content changed.
Chapter titled "Fixed or Variable Service Charge" content changed.
Chapter titled "How we set Variable Service Charges" content changed.
Updated by Suzy Robinson on 20/10/2011 09:51:33
Comment: changed categoryDetails: (show)
New Category assigned "Money Matters".
New Category assigned "Rent Matters".
Category assignment removed: "Service Charges".