TGV 2022/23 Service Charge

April 7, 2022

Dear Residents

Preim are issuing the 2022/23 service charge invoices on behalf of the Tadpole Garden Village Community Interest Company (TGVCIC), these are being issued via your preferred communication preference, either post or email and residents should receive their annual service charge invoice this week or early next week at the very latest.

As with previous year’s the below information is still applicable to the TGVCIC and the 2022/23 service charge invoices. This information will be pinned onto the front page of the app and the TGV Community website for future reference.

Credits/Service Charge Figures

Annually Preim issue the TGVCIC service charge invoices in April, as the TGVCIC’s financial year runs from the 1st  April – 31st March. Since the start of the Tadpole Garden Village Development the TGVCIC estate service charge has been set at approx. £250 per property per annum, this has not changed and currently it is anticipated that it will not change in the future. The estate service charge is applicable to all property owners at TGV, however should a resident own a leasehold property then they will have a separate charge on their invoice.

Previously residents have queried that they are paying more once they receive their direct debit plans, however this was due to Preim previously issuing the 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, after 2019 Preim started 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. The 2021/22 service charge accounts will be issued in October 2022.

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

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, or on 01778 382 210.