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Service Charges

Leases generally last around 150 years, though some older ones may vary. All developments incur an annual service charge for maintenance and services on the South Maritime Estate, covering non-adopted road upkeep, roadside landscaping, land management, insurance, and management costs.

The South Maritime service charge is allocated based on site area, with Homes England making payments for undeveloped sites. Currently, the developed area is 43.6 hectares (107.7 acres). Undeveloped site areas may change due to development decisions. Once fully developed, the total area will be recalculated, likely resulting in only minor adjustments to current apportionments.

Some older leases lack service charge provisions, which are covered by a special fund held by Chatham Maritime Trust.

Some older leases lack service charge provisions, which are covered by a special fund held by Chatham Maritime Trust.

The service charge proposals for the year starting 1 April 2017 comply with the RICS Commercial Service Charge Code. Budgeted costs have risen by 4.9% from last year, exceeding inflation by 2.9%, primarily due to increased maintenance costs after land transfers to Chatham Maritime Trust.

Invoices for the first half of the year (1 April to 30 September) will be issued on 8 March for payment within one month. The service charge year runs from 1 April with advance payments due on 1 April and 1 October, followed by a year-end reconciliation reflected in the subsequent October invoice.

Policy Statements

The principal accounting policies which are applied to the service charge budgets are:

  • 2017-18 South Maritime Estate Plan
  • 2017-18 Service Charge Policy Statement
  • 2017-18 Budget Summary
  • 2015-16 South Maritime Estate Plan
  • 2015-16 Service Charge Budget
  • 2015-16 Service Charge Policy Statement
  • 2016-17 Service Charge Apportionment Schedule
  • 2016-17 Service Charge Policy Statement
  • 2016-17 South Maritime Estate Plan

South Maritime Residents Ltd

SouthCo
The association for non-residential investors and occupiers of the South Maritime Estate

South Maritime Residents Ltd is a company limited by guarantee, and one of the four Member organisations which control Chatham Maritime Trust. South Maritime Residents Ltd has the right to nominate two Trustees to the CMT Board.

Non-residential leaseholder investors or occupiers are (subject to a minimum lease / occupation term threshold) entitled to become a member of South Maritime Residents Ltd (sometimes referred to as SouthCo for short).

For further information on SouthCo, or to join, contact the Company Secretary:

Ella Collins
Michael Morris Accountancy Services Ltd
123 High Street
Rainham
Gillingham
ME8 8AN

Tel:  01634 304948

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