GLOSSARY
SERVICE CHARGE
A service charge is a regular financial contribution paid by a leaseholder to the freeholder, management company or their appointed agent.
It covers the ongoing costs of maintaining, repairing, cleaning, and insuring the shared structural and communal areas of a building or estate, such as lifts, roof repairs, hallways, and gardens.
Service charge can fluctuate and increase year-on-year. Conveyancers carefully examine historical accounts and upcoming maintenance budgets. This ensures the buyer is fully aware of their recurring financial liabilities beyond their mortgage payment to ensure that they can afford the property after purchase.
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