Accounts for shared owners/leaseholders

We prepare annual accounts showing how your service charges have been spent. 

At the end of each financial year, we will prepare final accounts for that year. 

In some cases, leases will specify that the accounts will be prepared by an external accountant. Fees for the accountant will be paid for as part of your service charge. 

You will receive a signed certificate from the external accountants to state this has taken place and that the accounts have been verified.

Adjustments

If you are on a variable service charge, the monthly payment amount will be estimated at the start of the financial year. This is usually 1 April, unless specified otherwise in your lease or transfer document. 

At the end of the financial year, we will know exactly what had to be spent, and so we (or an external accountant) will prepare final accounts for that year. This will be done in accordance with your lease or transfer, as well as applicable legislation. We are required to prepare this information within six months of the financial year ending. 

We will send you the accounts, which will show the amount you have paid, and the costs that have been incurred. If there is money owed back to you, you will receive a refund. Your covering letter will explain when to expect the refund to be paid.  If the amount spent is higher than the amount you were charged, you will need to pay this to NCHA in full. The letter will explain how to pay the amount due. If it’s a large amount, you can talk to us about setting up a payment plan.