If you are a homeowner on a Hastoe estate, you should have received a booklet by the end of September 2025 setting out what Hastoe spent on providing services to your estate/block against the service charge budget for the previous year.
Why have I received this statement?
As a homeowner, you pay a variable service charge. This means that we set a service charge budget at the start of the financial year, in April, based on what we estimate we will spend on your estate (and/or block) in the upcoming year. This is based on previous years’ actual costs, inflation, upcoming works and known contract pricing.
This budget runs until the following March. By the September of that year, we reconcile and compare the actual costs for the financial year to this budget. We then prepare the service charge actuals statement booklets you have received.
As shown in the booklet, if Hastoe spent more than estimated on the services for your estate (and/or block) this will led to a deficit, which will be applied to your account as a debit. If Hastoe spent less than estimated this will lead to a surplus, which will be applied to your account as a credit.
What does my service charge relate to?
In the booklet you’ve received, we have set out a statement showing the services provided to your estate (and/or block), the actual cost of this for the estate/block, the share that you pay towards this, and the resulting cost for you. Further on in the booklet, we have included generic descriptions of what the heading for each service means.
Why do I have a deficit/surplus?
The service charge statement shows the actual costs for each service, and the difference between this and the original budget.
If your booklet shows a significant deficit, we have added explanatory wording above the service charge to give further detail on why the actual costs differed from the budget.
What is my reserve fund balance and what has it been used for?
Homeowners in blocks will often pay into a reserve fund. This is a fund contributed to through the service charge each year, intended to be used for future major works to the building. The balance of the reserve fund as attributable to your property, any interest accrued, and any works carried out and deducted from the fund are shown in the booklet after the service charge statement.
How do I pay any deficit/how would I be refunded any surplus?
If you normally pay your service charge to Hastoe by Direct Debit, we will automatically adjust your Direct Debit from November to reflect the surplus/debit.
If you pay by any other method, you will need to adjust your payments yourself. Any refund due to any surplus applied to your account can be processed by our Customer Service Team.
I have a query not answered here
We have included as much information as possible in the booklet. There is a frequently asked questions section and explanation of each service charge heading. Please ensure that you read your booklet thoroughly before contacting Hastoe.
If you still have any queries after reading your booklet, you can contact our Customer Service Team. Please be aware that, due to the volume of queries we may receive, responses may be delayed accordingly.
