Service Charges
Learn how services charges are calculated, what they cover and how Redwing communicates changes to leaseholders.
Understanding Your Service Charges
Service charges help cover the cost of managing, maintaining and protecting your building and any shared areas within your development.
They allow us to provide services that help keep your building safe, well maintained and enjoyable to live in.
Every development is different, so the services provided and the charges you’ll pay may vary depending on where you live.
Breakdown On Service Charges
Paying Your Rent
Rent is charged on the share of the property that remians in Redwing ownership
The amount you pay will be outlined in your lease agreement and reviewed in line with the terms set out within that lease.
To make managing payments easier, many shared owners choose to pay by Direct Debit.
What Are Service Charges?
Service charges help cover the cost of maintaining and managing shared areas within your development.
Depending on where you live, this may include:
- Grounds maintenance.
- Cleaning communal areas.
- Building maintenance and repairs.
- Building insurance.
- Lighting in communal spaces.
- Lift servicing.
- Health and safety checks.
Not every development is the same, so service charges can vary from property to property.
How Are Service Charges Calculated?
Each year, we prepare a service charge budget based on the expected costs of providing services to your development.
This budget helps us to estimate the costs for the year ahead and calculate your monthly service charge payments.
At the end of the financial year, we’ll compare actual costs against the budget and explain any adjustments that may be required.
Why Can Charges Change?
Service charges can change from year to year for several reasons, including:
- Changes in supplier or contractor costs.
- Increases in utility prices.
- Additional maintenance requirements.
- Changes to services provided.
If your charges change, we’ll always explain why and provide information about how those costs have been calculated.
Managing Your Account
You can manage your account, view balances, setup and Direct Debit and keep track of payments through The HUB.
Frequently Asked Questions
Our frequently asked questions provide you with answers to some of the most common questions on rent and service charges for shared ownership.
Why do I pay service charges?
Service charges help cover the cost of maintaining and managing shared areas, services and facilities within your development.
Are service charges the same every year?
Not always. Charges can change depending on the cost of delivering services and maintaining the building.
What if I don't understand a charge?
We’re happy to help explain any charge that appears on your account and help you understand what it relates to.
What does buildings insurance cover?
Buildings insurance generally covers the structure of the building and communal areas. Further information can be found within your insurance documentation.
How will I know if my charges are changing?
We’ll communicate any changes and provide information explaining how the new charges have been calculated.
Questions About Your Charges?
We understand that service charges can sometimes feel confusing.
If you have questions about your account, service charge budget or annual statement, please get in touch and we’ll be happy to help.