As per the lease terms, your service charge is due by the first day of the start of the new service charge period. The quickest and most effective way to pay your service charge is online through your RMG Living account where you can also view your statement of account and up to date balance. You may also be able to pay by Direct Debit, Standing Order, bank transfer (BACS) or over the phone by calling our Customer Services Team. On some developments, payment terms may vary; please see your invoice for full details of all the options available to you.
The service charge budget is primarily designed to budget for the day-to-day costs of managing your property. Often a sum of money is allocated to a ‘reserve’ which is used to fund unexpected costs or major cyclical works. Even where such a provision exists, it may not be enough to cover all eventualities. On these occasions, the costs of major works will need to be apportioned and charged as a separate expenditure.
At the end of every service charge year, the accounts are audited in respect of the year’s budgets. Sometimes there can be an over spend on the accounts due to unforeseen expenditure required. Should this occur, a deficit is declared on the accounts. The deficit is then apportioned to residents and requested as a one off charge to settle the outstanding debt. This is paid in addition to the regular service charge.
Should there be a budget under spend on the year end accounts, the under spend is apportioned and credited back to residents in the form of a surplus credit. The surplus credit is offset on the next period’s service charge.