All residential properties on St Mary’s Island are subject to an annual rentcharge

A rentcharge is a legal obligation that attaches to a freehold property, and enables collection of a contribution to maintenance costs, and control through restrictive covenants.

On St Mary’s Island, rentcharges are attached to the freehold of all houses. They are also attached to the freehold of blocks of flats and maisonettes, so in these cases the rentcharges are collected from the block owner, who passes them on to individual lessees.
Rentcharge income is used by the Trust to help fund the maintenance of Island facilities (including the lifting bridge* and the parkland), and towards overall estate costs such as security, insurance, and management. Island rentcharges do not cover the maintenance of blocks of flats or their grounds – these are funded by service charges paid to the block landlord.

Each house is subject to a Fixed Rentcharge of £1 per annum, plus a Variable Rentcharge based on the number of bedrooms in the property (as declared by the developer at the date of first sale). The Variable Rentcharge increases annually in line with the increase in the Retail Price Index.
Rentcharges are due annually in advance on 1st April each year. They can be paid by Direct Debit.
The rentcharge income is a contribution to the overall costs of maintenance of St Mary’s Island. Until the Island is fully developed, SEEDA makes a contribution to these costs in respect of the unbuilt houses. Chatham Maritime Trust also makes a contribution from its endowment fund towards the maintenance of key infrastructure on the Island.
Rentcharges are collected by Chatham Maritime Estate Ltd on behalf of the Trust. * Conversion of the bridge to a fixed link does not eliminate future maintenance and therefore there will be no reduction in the future variable rencharge. The physical elements of the bridge structure, i.e. deck, railings, surfaces etc. will still require maintenance as well as hidden components such as bearings on which the bridge sits. The bridge will also require future periodic painting. The Trust has covenanted with residents to maintain the main access to the Island in good and substantial repair and condition; likewise the central parks and Finsborough Down. Despite not lifting the bridge will still serve its purpose to the residents in that it will convey traffic onto the Island. All the rentcharge income is spent on maintenance of the Island that falls to the Trust to maintain. The total rentcharge income does not meet revenue ourtgoings and SEEDA make up the shortfall during the development period. The rentcharge income last year was £195K and expenditure was c. £389K, the shortfall being made up by SEEDA's support contribution so it is SEEDA (i.e. the taxpayer) who will benefit from the reduction in maintenance costs by paying less in support contributions in future years.

To download a Direct Debit form select this link (133kb)
2010-11 How To Pay Your Rentcharge (111kb)
2011-12 St. Mary's Island Rentcharge Expenditure (95kb)
2011-12 Rentcharge (155kb)
2011 How To Pay YOur Rentcharge (197kb)

Chatham Maritime Trust

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