Service charge accounts
Service charge accounts
Graves Son & Pilcher will produce an annual expenditure budget for every property, ensuring that the service and reserve charges are realistic, affordable and in accordance with your lease.
The service charge will vary from year to year. It typically covers costs for communal areas such as cleaning and lighting, maintenance contracts such as lifts, general repairs, our management fee and buildings insurance. Provisions for future major works are also taken into account. Full details of the charges will be set out in your lease.
At the end of each financial year, an annual account is produced and submitted for certification.
The Graves Son & Pilcher fee for day-to-day management is all-encompassing. In accordance with our regulatory bodies’ guidelines, it is charged at an annual rate per unit managed and not as a percentage of money collected or spent.
Graves Son & Pilcher are regulated by ARMA and RICS, meaning that our accounting methods and procedures are efficient, transparent and secure. All service charge monies are held in individual client trust accounts, with all interest being credited to the properties for the benefit of the leaseholders. Our in-house accounts team takes pride in the careful management and protection of your money. They understand the legal requirements and work within the terms of each lease to ensure that both landlords and leaseholders meet their responsibilities.
As a team, they are highly organised and efficient. A good relationship with leaseholders means that they rarely need to refer to solicitors to chase arrears. We have a very low staff turnover at Graves Son & Pilcher, ensuring consistency in our dealings with you and your property.
If you have a query relating to your service charge account, contact us.
"Graves Son & Pilcher were appointed as Managing Agents to The Cape in 2006. From the outset, they were able to meet our requests for detailed monthly reports of income, expenditure and cashflow. Their close familiarity with our numbers enables GS&P to prepare our annual service charge budget with a considerable degree of accuracy. One welcome result is that our board has never had to make supplementary service charge calls on leaseholders.”R J Griffin (Director, The Cape Freehold Company Ltd)