Frequently Asked Question
It's not! It's your choice how you pay. The Service Charge provisions provide for 6 monthly payments due ON DEMAND in May and November each year calculated based on actual past expenditure and expected future costs. As projects can be expensive these demands can and will vary significantly. The Council of Management is not able to offer the direct debit option due to the costs involved for our agents.
The Council members share and understand concerns regarding meeting unexpected large bills. The Council suggests monthly payments at a level which it believes will allow your account to remain in credit at all times building up a surplus to meet unexpected large bills if they were to occur.
Please bear in mind this excess is still your money, your liability is only to meet the 6 monthly demands in full. Extra payments will sit in YOUR owners account. You should remember on sale of your property to decide how you want this money to be dealt with. It can be the subject of negotiation with your purchaser if they would like the benefit of the contingency money or repaid to you.