** Please see News item dated 3rd September for information on the demands sent in respect of the service charge payable on 1st October 2019 **
The Service Charge represents the cost of services provided at Canary Riverside for the benefit of Leaseholders (residential and commercial). The percentage payable by each Leaseholder is set out in their Lease, and is calculated according to the area demised as a percentage of the total demised areas.
The Service Charge year runs from 1st April to 31st March. Leaseholders are invoiced bi-annually in advance, and equal payments are due on the 1st April and 1st October of each year.
The Service Charge includes the costs of:
Water (hot and cold supply) *
Gas (supplied to apartments with gas hobs) *
Concierges and security staff
Mechanical and electrical maintenance
Reserves (provision for replacement of major items)
* Typically residents in other developments pay these charges in addition to their service charge. At Canary Riverside, the only utility billed directly to residents is electricity.
For lessees interested in how the apportionment of estate services across residential, car park and commercial tenants was determined, please see the report produced by Gross Fine in 2004 here.
Annual Service Charge Accounts
Service charge accounts are produced annually, ideally within six months of the year-end. A copy of the accounts is sent to each Leaseholder together with a statement of account.
If there has been an overspend (against the estimated service charge budget) the account will show that a balancing payment is due for payment (within 14 days). In the event that actual expenditure was lower than the budgeted estimate upon which the Service Charge demands were base, a balancing credit will be applied to the Leaseholder's account, which will partially offset the next due payment on account.
The Lease sets out further information on the Service Charges. Leaseholders should check their own apartment’s Lease for confirmation of the percentage payable via the Service Charge.