Preim – Payment Plans/Charges

May 23, 2019

Preim have now issued the annual direct debit payment plans to all of the relevant properties, however Preim have been notified that some of payment plans that residents have received are showing incorrect figures, this appears to be only occurring on payment plans relating to the estate service charge only.

The estate service charge for 2019/20 is £248.25 and there is a £1 rent charge meaning all residents that had a paid in full account as of the 1st April 2019 should have a payment plan that reflects £249.25 for the year.

Should your payment plan be showing different please contact the Preim Ltd helpdesk, and this can be rectified. The finance team have rectified the majority of the errors and residents should have received a second letter confirming this, however if this is not the case please let Preim know. The error has occurred due to a system error and apologies for any inconvenience that this has caused, all payment plans are being rechecked prior to any money being taken to ensure that there will not be any incorrect payments taken.

Please be advised that some residents may have brought forward balances, these would have been documented on the invoice issued in April 2019 and this may mean some residents have different payment plans to what has been detailed above. Please only contact Preim should you think that your account was paid and that the figures showing are more than the £249.25 for the 2019/20 year.

Credits/Service Charge Figures

Following the issuing of the 2019/20 invoices and subsequent payment plans, Preim have received several queries from Tadpole Garden Village Community Interest Company (TGVCIC) members as to why the Estate Service Charge has seemingly increased. Please be advised that the Estate Service Charge has not increased and is still approximately £250 per property, per annum. This reflects the information you would have been provided with at the time of purchasing your property.

In past years, Preim have issued Service Charge credits on each TGVCIC members account at the same time as the Service Charge invoices were raised. These credits were to reflect the fact that TGVCIC had received more income than it had spent on maintenance during the past 12 months. Therefore, this credit immediately partially offset the £250 invoice for the forthcoming 12 months. The previous credit was an estimated amount based on the year-end figures available at the immediate year-end, in advance of the accounts being produced.

However, this year Preim will be processing any credits once the Service Charge Accounts have been finalised, no longer than six months after the year-end. This reflects the requirements as prescribed in your properties transfer documents as follows:

The Eight Schedule, Computation of Variable Rentcharge

Within 21 days following the service on the Transferee by the management company of the audit certificate (as more particularly detailed in Paragraph 2 of the tenth schedule) for the Rentcharge year in question the transferee shall pay to the management company the balance by which Rentcharge interim payment fails short of the variable Rentcharge actually payable as certified by the said certificate and any overpayment by the transferee shall be credited against future payments of variable Rentcharge becoming due.

Please be aware that the Service Charge budget you receive is based upon the whole development being completed and all properties being occupied and paying a Service Charge. As Tadpole Garden Village has not been completed, the expenditure is lower than forecast. However, this is partially offset by a lower than forecast income due to a number of properties not being completed and paying a Service Charge. The year-end Service Charge accounts will provide to all TGVCIC members with an accurate illustration of the income and expenditure, and any difference between the two.

Please note that Preim’s Managing Agents Fee is a per property fee, and it is only charged on the basis of the number of occupied properties on the development. This is part of an agreed contract with the directors of the TGVCIC, Crest Nicholson Strategic.

Simon New
Customer Account Manager