What is a Service Charge and how is the amount decided?

In order to meet the costs of running the complex, each property owner pays a service charge on an annual basis. A budget is drawn up each year and presented to the Directors of the Management Company.

The total budget amount will have been divided by the number of properties in the complex (sometimes weighted by the varying size or type of properties concerned).

Once the Board of the Management Company approves the budget, it is then charged out to all owners.