Who pays the Rent Charge?Every freeholder in the development pays a rent charge. This includes properties in Tennyson Mews, Repton Hall, Gainsborough Mews, Royal Victoria Park, Strathearn Drive and John Repton Gardens. If the property is rented, it is the landlord's responsibility to pay the rent charge. Invoices are sent out once per year in March. Payment is due in April each year.
If you are late paying you can expect to receive a late payment charge. These charges cover the cost of chasing late payment & issuing reminders. The schedule for late payment charges is shown below:
Payments not received after 90 days will be referred to a debt collection agency. The costs of a debt collector are substantial. If we request the use of a debt collection agency, the full costs of the debt collection agency, in addition to those above, will also be borne by the debtor. If you are renting your property it is essential that you make arrangements with your tenant and / or managing agent to ensure payment is made promptly. If you have any queries about billing, or the state of your account, please contact us at admin@bpdmcl.co.uk |
How much Rent Charge will you pay?The rent charge is based on a budget which is set each year. The budget is then apportioned to each property. The budget is set using the previous year’s actual costs. We also factor in an additional amount for anything that we anticipate will change eg. tree works. This means that your rent charge may change each year.
2018 Rent ChargesFor the coming year we are maintaining the forecasted budget expenditures at the same level as 2017 as the costs of managing the maintenance of the Amenity Areas and associated activities are relatively stable. The estimate for 2018 is shown below:
Gardening Services £3,400.00 General Repairs £250.00 Invoicing / administration / postage / banking / legal costs: £400.00 Public Liability Insurance £400.00 Accountants Fee £500.00 Contingency £0.00 Total £4,950.00 You will be aware that since taking over management of the Amenity Areas we have been able to steadily reduce the variable rent charge. Over the same period we have steadily built up a reserve. This has arisen largely as a result of careful management of costs, receipt of late penalty charges and issue of certificates on the transfer of a home from one freeholder to another. As a result of this reserve we have decided that for this year only each freeholder will benefit from a “fee holiday”, meaning no invoices will be issued in 2018. The budgeted activities outlined above will be funded from the reserve account. We trust you will view this as a satisfactory approach for the coming year. However, we do envisage that we will start billing again in March 2019. |