TGVCIC Service Charges 2020/21

Dear Residents,

Preim are in the process of issuing the 2020/21 service charge demands for the Tadpole Garden Village Community Interest Company (TGVCIC), this is as per the legal transfer documents detailing when the demands are due to be issued.

Preim appreciate that the current circumstances and timing are not ideal, should any residents have any concerns regarding the service charge and Covid-19 the below link should answer any queries that you may have, the article in link has also been issued along with the invoices.

https://tadpolegardenvillage.com/village-news/coronavirus-parks-and-areas-of-green-space/

Earlier in 2020 Preim issued a development update regarding the TGVCIC and the services being provided, along with the phases and areas that have been handed over to the TGVCIC. Please find a link to that update article below, this should answer any queries that residents may have in terms of where their service charge money is being allocated.

https://tadpolegardenvillage.com/village-news/tgvcic-areas-of-responsibility/

There was also an article issued in 2019 relating to any service charge credits/surpluses due and answering queries regarding the service charge amount. Please see the relevant section from the web article below, whilst this article referred to 2019/20, the same applies for the 2020/21 financial year as well.

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.

Preim, on behalf of the TGVCIC, are still operating a full service and the landscapers are still on the development maintaining TGVCIC areas of lands, emptying bins and undertaking necessary health and safety checks. The TGVCIC leasehold blocks are still having regular cleans, alarm system testing and window cleans. All contractors have confirmed that they are applying the correct social distancing protocols and protective gear where required. This work will continue until the government guidance changes. At present the parish council have confirmed that they are still emptying the dog bins.

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.