Boat Lane Court
Financial Information
Service Charge
From time to time the Board of Directors determines the Service Charge and endeavours to keep the increase in line with the Retail Price Index (R.P.I.)
Quarterly accounts of the Owners Company are presented to the Board of Directors of the Owner's Company and the Annual Accounts have to be approved at the Annual General Meeting. Every Shareholder has the right to be present at these meetings and has a right to vote. The service charge covers water rates for the communal areas. Owners are responsible for the Council Tax and water rates on their own property. The Manager will advise and assist with claims for financial assistance. The water rates on the properties are collected monthly by standing order and paid quarterly by the Manager.
Fund for Future Maintenance
A proportion of the service charge is set aside for future repairs and refurbishment. It forms part of the Owner's Company funds and is shown in the accounts. It is invested on behalf of the Court and can only be spent for the benefit of the Court as defined in the lease.
The Service Charge includes:
- all items of building maintenance (except maintenance)
- the redecoration and re-furnishing of the communal areas
- maintenance Contracts and equipment
- regular cleaning of windows
The internal maintenance and redecoration of the interiors of the private dwellings is not included and is the responsibility of the Owner as defined in the lease.
Buildings Insurance
The service charge includes comprehensive insurance cover for all the business activities of the Owners Company, such as Public and Employers liability, money and frozen food belonging to the Owners Company, engineering and Directors liability as well as the contents of the Communal Areas and the structural parts of all the buildings at the development.
The buildings insurance covers all the usual risks, including accidental damage, but owners should be clear that these do not include damage arising simply through wear and tear. In-built fixtures (known as landlord's fixtures and fittings) such as sanitary ware, kitchen units and fitted wardrobes as well as internal decorations within all apartments are also covered under the buildings insurance maintained by the Owner's Company.
Meals
Meals are not included in the service charge. The Duty Managers will make whatever arrangements are required by the owners. In particular, a substantial mid-day meal, followed by coffee, is available at 12.30pm each day Mondays to Saturdays and at 1.00pm on Sundays. Pre-dinner drinks on Sundays are served from 12.30pm. For anyone who is unwell, the meal will be taken to them at no extra charge.
Owners are asked to book meals at least 24 hours before they are required but every effort will be made to accommodate late requests. Meals must be cancelled 24 hours in advance or will have to be paid for. Owners are asked to book on a Friday for Sunday lunch. Morning coffee, afternoon tea and evening drinks are served in the lounge on request to the Duty Manager.
Contents Insurance for Owners
Owners must ensure that their contents insurance covers their personal possessions for water damage through burst pipes and accidental damage.
Owners are responsible for the maintenance of all items within the walls of their dwelling as defined in the lease. (The Manager has a copy of the specimen lease available in the office).
If an insurance claim arises from an incident that involves an item you are responsible for maintaining, the cost of repair to that item will not be met. However, the insurance will cover the cost of all other damage to the building or Court's property resulting from the incident that led to the claim.
Please contact the Manager immediately if you believe you have an individual claim on the insurance of the Owners Company.
Owners should make their own arrangements for Contents Insurance.
It is usual that a Contents only policy will also include a Liability extension which will indemnify the Owner against any miscellaneous claims brought against them by third parties for damages they may cause whether in their own home or outside. However, it is the responsibility of individual Owners to check this is included.
It is important to remember that some possessions of a valuable nature will need to be declared and specified separately for the insurance company.
Owner's Buggies/Electric Wheelchairs
Owners are advised that the Court insurance does not cover them for any accidents or damage either within the building or the grounds of the Court.
Owners are strongly recommended to take out insurance cover on the buggy/wheelchair that includes liability cover for the use of it by the owner or anyone else who has permission to do so. This cover can usually be obtained as an extension to the owners contents insurance but needs to be specifically requested. If the owners insurance company cannot provide cover the Manager can advise on companies that specialise in this cover.
Owners buggies and electric wheelchairs left in the storage recharging areas are entirely at the owners own risk. The Court insurance does not offer cover.
It is advised that for the purposes of this statement, buggies and electric wheelchairs are mobility equipment with a maximum speed of 8 mph and a value not exceeding £5,000. More substantial vehicles will need to be separately insured.
