A budget is an educated estimate of the forthcoming year’s expenditure. The budget figures for each forthcoming service charge year are based upon what has or is expected to be spent during the current year. This is done by analysing the expenditure within the current year. You can see from the example over the page that the amount payable by each property is specified. Such information can be found in your legal documentation.
Please bear in mind that this is not always spread equally across all properties. The apportionment’s can vary for reasons such as the number of bedrooms your property has, or even the floor space. Once the service charge is due, a demand will be sent to you for payment. The legal documentation will state on demand but, in most cases and where the documentation allows, we offer a Direct Debit facility to spread payments across the year.