Service charge and accounts
Service charge
The Service Charge represents the cost of services provided at Canary Riverside for the benefit of Leaseholders (residential and commercial). The percentage payable by each Leaseholder is set out in their Lease, and is calculated according to the area demised as a percentage of the total demised areas.
The Service Charge year runs from 1st April to 31st March. Leaseholders are invoiced bi-annually in advance, and equal payments are due on the 1st April and 1st October of each year.
The Service Charge includes the costs of:
Water - hot and cold supply
Gas (for gas hobs)
Concierges and security staff
Estate cleaners
Communal lighting
Landscape gardening
Lift maintenance
Mechanical and electrical maintenance
Reserves (provision for replacement of major items)
A detailed budget is provided to Leaseholders together with their service charge demand. The 2024/25 service charge budget together with guidance notes can be found here, the 2023/24 pack here and 2022/23’s here.
For lessees interested in how the apportionment of estate services across residential, car park and commercial tenants was determined, please see the report produced by Gross Fine in 2004 here.
Annual Service Charge Accounts
Service charge accounts are produced annually and a copy is sent to each Leaseholder. Since the appointment of a section 24 manager at Canary Riverside the accounts have been produced within six months of the year-end to which they relate. Under CREM’s management the average time taken to produce the service charge accounts was in excess of 33 months.
A copy of the 2022/23 service charge accounts can be found here. Copies of previous years’ service charge accounts can be found here.
If there has been an overspend (against the estimated service charge budget) a balancing payment will become due for payment (payable within 14 days of the demand). In the event that expenditure was lower than the budgeted estimate upon which the Service Charge demands were base, a balancing credit will be applied to the Leaseholder's account, which will partially offset the next due payment on account.
The Lease sets out further information on the Service Charges. Leaseholders should check their own apartment’s Lease for confirmation of the percentage payable via the Service Charge.