If you are unfamiliar with the services of a property management company, please get in touch. Our team will be happy to help you. However, some of the most commonly asked questions are answered below.
Your service charge is your legal apportionment of the share of the costs of maintaining and insuring the communal areas of your building in accordance with the terms of your lease. Typically this may include such costs as the cleaning of communal areas, ground maintenance, lift maintenance, repairs and maintenance which may also include sections of the building that you do not directly beneﬁt from the use of. Your lease will detail the speciﬁc items which are included in your service charge.
Paramount Estate Management prepares a budget for your property each year according to the criteria set out in the individual leases and based on a review of the expenditure for the previous year and any proposed expenditure for the forthcoming years. A provision might also be made for cyclical repairs of building fabric and items such as internal or external redecoration and also future, unforeseen expenditure. This is known as a reserve or sinking fund. The budget is then usually discussed and mutually agreed with representatives of your Management Company or Residents Association before the start of the budget year.
At the end of each year, statements are prepared by an independent accountant showing income and expenditure for the block. These statements are circulated to all leaseholders by the managing agent.
The best way to pay your service charge is by Standing Order. You can request a Standing Order form from Paramount Estate Management to send to your bank. Under the obligations of your lease you are required to pay your service charge and may face legal proceedings if you fail to comply. If you are experiencing difﬁculties keeping up your payments please contact your Property Manager on 01948 860120.
Alternatively, there are various organisations that may be able to assist. For friendly, independent advice please contact:
- National Debtline – Tel: 0808 808 4000
- Step Change Debt Charity – Tel: 0800 138 1111
- Citizens Advice – Search for local contact details
Please email or call us, as naturally we are only able to deal with issues that we are aware of. To report a fault please contact our Repairs Desk on 01948 860120 or alternatively you can report a fault online using our online enquiry form.
Paramount Estate Management charges an annual management fee, which is detailed in the budget, approved by representatives of your Management Company or Residents Association.