Why is my service charge only an estimate?

Each year, a service charge budget is drawn up detailing what services are required for the property with estimated costs. This gives us as your Managing Agent a pot of money to organise works on your behalf to maintain communal areas as and when required.

A proportion of this is then charged to all leaseholders, with the proportions and frequency set out in the lease.

At the end of the relevant financial year, the accounts will then detail the exact expenditure incurred and whether you are due a refund or whether you need to pay a balancing charge.