Service Charge & Ground Rent

Transparent with finances

At Temples our door and individual estate financial records are open, and our accountancy practices transparent. We closely scrutinise all expenditure to not only ensure that our customers’ investments are safeguarded, but that we’re also able to deliver on our promise of the best value across all of our estates.

Service charge

TheĀ  service charge is collected from all lessees by Temples and used to cover the cost of maintaining the development. Included within this are the upkeep of any communal areas, grounds, shared utilities and buildings insurance. As the service charge becomes due, Temples will collect the monies and hold them in a separate client account specifically for, and accountable to the site. This money will then be used to maintain the development to exacting standards.

Sinking fund

An element of this service charge is calculated as the replacement fund for the long term, high cost projects and planned maintenance, such as re-decoration or replacing expensive capital equipment. This fund is also kept in a separate account and managed by Temples on behalf of the freeholder/estate. Interest on the sinking fund account is credited to the individual estates client account.

Ground rent

Ground rent is charged which all lessees must pay to the freeholder/landlord of the estate for the duration of the lease. The ground rent can be collected along with the service charge on behalf of the freeholder/landlord. This is then transferred to the freeholder/landlord directly.

Fully transparent accounts

The service charge fund for each estate is held in a separate client account. Any interest accrued to the client account. Service charge budgets are produced before the end of the financial year, ready for the 12 months ahead. Accounts are finalised shortly after the year end and are produced for each estate.

Insurance

Temples can arrange and place appropriate building insurance through block and common parts policies in addition to facilitating any claims. Insurance may also extend to public liability and directors cover for resident management companies.

Lessees and tenants are required to arrange their own contents insurance.