Charges
Other Charges
Remember that whereas you may 'own' the lease for a particular unit within Augustus Court, you do so only with the consent of the Augustus Court freeholder, Abbotdeal, subject to your compliance with the terms, conditions & covenants within the legal lease agreement that you have with Abbotdeal.
You are required under those covenants to keep Abbotdeal and Termstake, and so therefore your fellow shared freeholders, informed of changes relating to your unit and this is done via the managing agent. Whereas the general administration fees paid to the managing agent cover the main day to day running of Termstake, there are some charges which are attributable to and payable by individual leaseholders.
When a lease is purchased/sold/transferred then the administrative overheads for this (including, for example, issuing the Landlord Licence to Assign authorising a transfer of ownership to proceed) are chargeable to that particular lease. The amount for this varies depending on the work involved answering queries related to the lease and leaseholders (present and future). The actual applicable amount would be quoted at the time of notification of sale/transfer.
When there is a change in mortgage or insurance arrangements, then there is usually a Notice of Change fee (approx. £50) payable to the freeholder (Abbotdeal) but this is typically paid by the mortgage lender and sometimes waived. Please do not forget to inform the managing agent of any change to your mortgage arrangements so that the correct details can be kept up to date.
Notification for letting a flat/maisonette generally requires less administrative work but you are required to inform the Managing Agent about (1) your intention to let, (2) changes in tenants.
Late payment of any charge notice issued by Termstake will result in a late payment charges being added to your accumulated amount due. Please try to avoid this as it is unfair on your fellow owners. Please raise any payment issues you may have with the managing agent directly but delays in paying will result in late payment charges being applied.
Please check with the Managing Agent for an up-to-date list of charges.