Page 18 - Victory Pier - Lease Guide

Service charge - what is it and why do I pay it?
The lease signed at the time of purchase, details the “rules and regulations” of the development, one of which is that the leaseholder will pay a service charge to contribute towards the the upkeep and maintenance of the development. We are reliant on contributions being settled promptly to ensure the smooth running of the development.
Service charges are an estimate of cost, set annually and paid in advance, in accordance with the lease. Accounts are reconciled yearly and any surplus is credited back, or any unforeseen deficits are communicated and collected at year-end.
The service charge is paid to cover the cost of administering the service for the communal areas which can include:
• Building Insurance.
• Repair and maintenance of common areas and structure.
• Upkeep of communal installations such as lifts, door entryphone, fire alarms and abseil equipment.
• Cleaning and lighting of internal communal areas. • Gardening and upkeep of the communal grounds. • Management, accounting and audit fees.
• Reserve / sinking funds.
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