Service Charge & Ground Rent
OUR ACCOUNT PROCEDURES
Property Stop Estate Management Ltd maintains individual client accounts in the name of each property or client. These accounts are kept separate from our own office trading account and that of other client’s money. All contributions from owners are paid into the relevant bank account and all expenditure relating to the property is paid from that account.
SERVICE CHARGE
Most leases & agreements provide for Service Charge contributions to be made in advance to ensure that there are enough funds available to meet invoices for services as they fall due. Each year a Service Charge budget is produced which is an estimate of the likely Service Charge expenditure for the forthcoming year. It is important to appreciate that where we give an estimate of the likely Service Charge costs for a particular year, this is based on the costs in the previous year and anticipated costs in the current year. Sometimes costs can arise where no allowance has been made in the budget.
Your Service Charge contributions will be based on the budget and your invoice will be issued in accordance with the deed requirements before the due date. If it becomes necessary for us to write to you about your outstanding account, additional charges will be incurred in line with our Credit Control Procedure. You will be notified in advance in writing if a charge is to be made. We would remind you that we are collecting funds due to the Service Charge account for your building and as Property Managers it is our duty to ensure that contributions are collected in accordance with your deed.
GROUND RENT
Property Stop Estate Management Ltd act on behalf of various freeholders to collect ground rent detailed in your lease. This is normally paid annually in advance and is reviewed periodically with the lease rent review clauses. These funds are separate to the service charge and paid to the freeholder.
