How are the service charges calculated?

Service charge budgets must include all likely costs associated with the running of the communal areas, services and facilities of a development on a day to day basis and comply with the terms of the lease. Failure to make an accurate provision will result in insufficient funds with which to meet expenditure and can be seen as misrepresentation by lessees. The basis of calculation and apportionment must be fair, reasonable and transparent. The last thing that you want as a developer/landlord is to have service charge costs challenged at tribunal or elsewhere. This is a drain on time and resources and at Ian Gibbs Estate Management, we work to ensure that this will not happen.