Here are variousblog resources related to non-rent monies and payments, for example service charges, fees, and other costs and charges. These can be directly charged or hidden away, and are important to know what you may have to pay or might be able to charge another property interest for.
Here is a transcript of this quick video explanation of what a property service charge, with these slides available as PDF at Issuu if you click here:
Welcome to the Property Management Guide quick explanation of property service charges.
In short, property service charges are a way of having everyone pay towards shared costs for parts of a property that no single person is directly responsible, like stairs or lifts, the main walls and roof, and outside areas like the garden or carpark.
Of course, the buck for looking after these communal features stops with the main owner or landlord, and although you might think it would make sense for the landlord simply to cover the costs and charge the tenants slightly more rent as necessary, in...
The popular service charge budget can be more confusing than you think. It’s often the main piece of information that a tenant receives regarding the service charge from the landlord, and therefore understandably taken at face value. As it says on the tin, this is just a budget and not the final costs.
This is probably best explained with a common example of your own monthly finances towards, say, eating and food.
So, if you’re going through your finances and budgeting for what you can spend every month, you might put £400 aside for this, and then break it down to perhaps £200 a month on your regular weekly main-supermarket shop, and then £120 a month for the smaller bits and bobs you tend to buy in the week from your local convenience...