Service Charge Invoices 2021/22

Dear Residents

Preim are issuing the 2021/22 service charge demands on behalf of the TGVCIC, these are being issued via your preferred communication preference, either post or email and residents should receive their annual service charge demand this week or early next week at the very latest.

As with last year the below information is still applicable to the TGVCIC and the 2021/22 service charge demands which is why this information is being reposted. This should answer any service charge queries that residents may have.

Credits/Service Charge Figures

Following the issuing of the 2020/21  invoices and subsequent payment plans, Preim 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 and moving forward 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.

In terms of areas currently under the TGVCIC’s responsibility please refer to the latest development update link found below:

https://tadpolegardenvillage.com/village-news/tgvcic-planned-maintenance-update/

Another CIC update will be issued in the next month or so as and when more areas are handed over to the TGVCIC.

Should you have any queries regarding the above or any general development queries that relate to the TGVCIC then please do not hesitate to contact myself, your TGVCIC estate manager Simon New, via the Preim Ltd helpdesk, helpdesk@preim.co.uk or on 01778 382 210.