Service charges

Service charges

Leaseholders are charged service charges on a quarterly basis, in line with their leases. This is charged into their general service charge account which has a six digit reference number starting with a ‘9’. These service charges cover housing services which are provided on a frequent an on-going basis, such as gardening, cleaning, and caretaking. From 1st April 2014 Hastoe introduced a reserve fund to cover all major and cyclical works to blocks. This forms part of the service charge debits charged to leaseholders each quarter.

The reserve fund is reviewed every year to ensure contributions made by leaseholders are sufficient to cover the costs of future projected works. The general service charge is also reviewed and set on a yearly basis and leaseholders are advised of what the charge will be for the forthcoming financial year in the projected service charge statement which is sent out in February.

In addition to the service charges, leaseholders are required to pay a ground rent to Hastoe. This is also charged to the general service charge account and is listed separately to the
service charges. If a leaseholder pays by direct debit we will collect both the quarterly service charges and ground rent together.

Prior to April 2014 all major works were charged in a separate account and there are a very small number of leaseholders who still have two accounts with Hastoe. Major works accounts have reference numbers starting ‘LH’.

Under the terms of the lease, Hastoe reserves the right to charge 5% interest above base rate on outstanding balances if your service charge or major works account is not clear within 21 days from the date of the audited statement.

 

 

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