More With Moreira: The Business Podcast

Service Charges

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If you’re always surprised when you see your bill every month because of the additional service charges, then this episode is for you! 

Today in the More With Moreira Podcast, Desmond discusses everything you need to know about the service charges you see on your bill. Clearly, you have forgotten, or maybe haven’t read, what is on your lease contract if you’re not aware it. If you’re having doubts, review and understand the lease contract regarding your service charges. Discover why you should also know how service charges are portioned among tenants, why are you paying it, and what’s included in it. 

KEY TAKEAWAYS 

  • Service Charges are a payment towards general repairs and maintenance. Its amount depends on where you live – what type it is and the ongoing renovation. 
  • Lease contracts should always be read and understood by the tenant. It contains your obligations of a tenant or a homeowner and the obligations of the landlord.  
    • Lease contracts include legal jargons. Ask guidance if needed. 
    • Most of the times, when they see the bill, they get surprised by what they think are additional costs. 
      • Be informed on how the service charges are portioned. Check if the amount you’re paying is reasonable. Desmond’s example: If you live on the ground floor and does not really use the lift, there’s no other reason that you should pay for it. 
        • As part of your contract, you’re also paying for the property’s future work. This is very important. Most homeowners, when they buy something new, don’t really look at this aspect. They must because if they don’t, it can become costly in the future. 
        • Take note of the lifespan of the things, machines, etc. inside your property. For example, a carpet can last for 20 years max. So, within 20 years, you have to replace it. 
        • If you are unhappy with how you are charged, make sure to raise your concern with the property manager. It is his responsibility to provide clarity. 

          • BEST MOMENTS 

          • “You need to look at your lease and look at what they can charge you for.” 
            • “Your lease is your bible.” 
            • “Before you buy a property, this is something that you should get told in the presale inquiry. You should know if it’s equal or it’s percentage by split.” 
            • “It’s an absolute mistake to go to FTT if you don’t have the evidence.” 

              • VALUABLE RESOURCES 

              • First-tier Tribunal (Property Chamber) 

                • ABOUT THE HOST 

                I don’t know how this works, but you’re here now listening (hopefully) about my exciting life, so I’m going to try and make this worth your while. I never got inspired at school, I was too busy trying to impress my peers, chasing girls, and being a fool to get inspired. I rejected school. But let me tell you something for free! That was a mistake! I spent the next 15 years in jobs I hated, with no direction, lacked purpose, and motivation for life. Yes, big words, but that was me in a box. A slave to the system! Fast forward to today, and well, I’m not sitting in my ivory tower or anything, but I love life and my career. Yeah, it’s both painful and exciting rolled and wrapped up into one giant subway, and who doesn’t love subway rite? The point is, you only get one life, don’t waste it pursuing things you care nothing for, invest in YOURSELF and grow as a person, be the best YOU by putting YOU first!  

                • Desmond Moreira, your host 

                  • CONTACT METHOD 

                  • Website: http://desmondmoreira.co.uk 
                    • YouTube Channel: https://www.youtube.com/channel/UCo6eVOt1YEQD0dxNkRXevVg/featured 
                    • Twitter: https://twitter.com/Desmondmoreira 
                    • Instagram: https://www.instagram.com/desmondmoreira  

                      • This show was brought to you by Progressive Media

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                      More With Moreira: The Business PodcastBy Desmond Moreira