Service: Service Charge Consultancy | Sector: National Offices | Contact: Helen Gwilliam, James Pettitt
We were tasked with looking into the service charges paid by Towergate Insurance at its Chelmsford office, with a view to identifying potential overpayments and savings that could be made.
The lease identified a service charge cap that limited annual increases in liability to the RPI measure of inflation. We worked with the client to review service charge budgets and reconciliations, and identified that this cap had not been observed. We liaised with the landlord’s agent to update liabilities.
Our work saw the service charge reconciliation and budgets revised to reflect the correct figure, subject to the cap. Credits were received amounting to £17,228 for the three years when the cap was not observed.