Good news for Chartcombe residents.
The lease term for flats is 125 years from the 1st of October 1998. By arrangement with the Company Solicitor every member of Chartcombe Properties Limited is entitled on demand to be granted an extension of the term of their leases to 999 years with a peppercorn ground rent.
There is a very modest cost for this service.
We are pleased to inform you that the Service Charge for the year ending 30th September 2020 will be unchanged at £2,775 p.a. It is also good to note that there is no ground rent paid here at Chartcombe.
We have since received the end of provisional statement, which of course will be ratified by the Auditors and submitted at the A.G.M. next March.
This means that there is a likely balance on last years budget of about £4,000.
There are no new major works in preparation for this financial year, although the final payment for the refurbishment of the lists is included. Maintenance will be carried out. Maintenance is ongoing with many smaller works being done in the next budget year. None of which is urgent at this point of time.
The finances of the Chartcombe Properties Ltd are in good shape with a healthy amount in our reserve fund amounting to £95,615.
The Company also owns flat 1 which is valued at £260,000, the rental of which is £11,000 pa and is now producing a profit of approx. £8,000 p.a. (less Corporation tax). This is the first year of profit.
Board of Directors