Questions
From Residents
Why
do I have to pay a service charge or a ground rent?
Your property is
located in a development with common parts and or common grounds. One
of the legal documents when you purchased the property (for flats this
is the lease) will have outlined this and detailed the services the Management
Company or Residents Association must provide.
This may include
gardening, cleaning common areas, buildings insurance, building maintenance
and decoration. The Company will have to meet the legal requirements of
the Company, prepare accounts and file documents with Companies House
and the Inland Revenue. The service charge will reflect a budget prepared
to cover these costs / requirements.
If you pay a ground
rent this suggests a third party owns the land your property is built
on.
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Questions
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