If you are a homeowner on a Hastoe estate, you should have received a booklet by the end of September 2026 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 budget 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 bought my property partway through the year/after the end of the year, but the surplus/deficit has been applied to me?
The service charge actuals are issued to the current owner of the property, and so any surplus/deficit will be applied to the current owner’s account. Any apportionment between previous and current owners, or arrangements regarding prior year service charge actuals, would be between the previous and current owners to decide. Hastoe would not be involved in this process. Please contact the solicitors used when purchasing the property if you are unsure of the arrangement in place.
I have a query not answered here
We hope our booklet answers the questions you may have. There is a frequently asked questions section and explanation of each service charge heading. Please 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.
