How your service charge is calculated
We send you a service charge statement at the beginning of each financial year (1 April). This includes an estimate for what you will pay for the year ahead, which ends on 31 March of the following year.
Your service charge estimate is based on how much we spent on service and maintenance for your building in the previous year. It also includes things like inflation and changes in contracts.
Read more about how we estimated your service charge for 2023 to 2024.
Over the year, your service charge may either change or be fixed – it depends on if you own your home or rent with us.
If you’re a homeowner or shared owner
You have a ‘variable’ service charge. This means the amount you pay for the year can change depending on the cost of the services.
We’ll let you know the actual annual cost of your service charge within six months of the end of the financial year (usually around September or October). If our estimate is too low, we’ll charge you any additional money you owe us. If our estimate was too high, you can get a refund.
If you’re a tenant
You have a ‘fixed’ service charge. This means the amount you pay for the year won’t change after we’ve made our estimates, regardless of actual costs.