Service charge

If you’re a tenant in a multi-occupancy building, a service charge contributes to the maintenance of the common parts. Under the terms of your lease, you will be committed to pay a certain proportion of the cost of running the property or estate.

Your conveyancing solicitor will be able to advise you what this has been historically, although bear in mind that the charge is only an estimate of likely costs and it can change (for example, if there are major repairs required, such as a new roof). It will almost certainly include a contribution to a Sinking Fund. Make sure you budget to pay the Service Charge amongst your other regular outgoings.

The sort of items covered by a Service Charge could include landscape maintenance, window-cleaning, lift maintenance, building insurance, redecoration and cleaning of common areas, fire equipment maintenance and the management company fee.

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