What is a Service Charge?

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Each year, you pay a service charge to London Block Management.

 

The service charge funds the day-to-day running costs of 417 as well as the buildings insurance, maintenance, repairs, gardening, communal facilities and the caretaker’s salary to name but a few. The annual budget provides a detailed list of the line items included. 

 

London Block Management keep your service charge money in a segregated bank account. At the end of the year they will send you copies of service charge accounts prepared by the accountants to 417 Wick Lane RTM Company Limited, UHY Hacker Young.

 

When is the Service Charge Paid?

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In the case of 417 Wick Lane, the lease states that the service charge is to be taken to 31st March in each year and paid in two equal instalments covering the periods of 25th March – 28th September and 29th September – 24th March in the following year.

 

Do I pay towards a Reserve Fund or Sinking Fund?

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No.  In the case of 417 Wick Lane, the lease does not permit the establishment of any reserve fund or sinking fund.

 

As a result, any major capital expenditure works (e.g. the refurbishment of the two passenger lifts or roof repairs etc.) will need to be factored into the annual service charge budgets and demanded from you alongside the general service charges for the periods of 25th March – 28th September and 29th September – 24th March in the following year.