Frequently Asked Questions

Perceval Square RTM – Financial FAQs

(Service Charges, Payments, Budgets & Accounts)

1. Service Charge Structure

Q1. What is the service charge year for Perceval Square?

The service charge year runs from 1 August to 31 July each year.
Leaseholders are currently part way through the year ending 31 July 2026.

Q2. Will there be more than one set of accounts this year?

A:
Yes. Because management transfers mid-year, there will be two short accounting periods:

First Port accounts: 1 August 2025 – 17 February 2026
RTM/HAUS accounts: 18 February 2026 – 31 July 2026

Any surplus or deficit from each period will be dealt with in the normal way through balancing charges or credits once the accounts are completed and certified.

2. Direct Debits & Payments During Handover

Q3. Who do I pay before and after the handover date?

Up to and including 17 February

Continue to pay First Port as normal.
This includes any payment due on 1 February.

From 18 February onwards

First Port will no longer collect payments.
All future payments will be collected by HAUS Block Management on behalf of the RTM.

Q4. When will First Port cancel their direct debits?

First Port will cancel all direct debits by 17 February.
No further collections should be made by First Port after this date.

Q5. When will HAUS start collecting payments?

HAUS direct debits will run on the first working day of each month.
The first planned HAUS collection is 2 March.

Q6. Can I continue paying monthly?

For the remainder of the current service charge year (to 31 July 2026):

Yes, monthly payments by direct debit are permitted.
Payment instructions are provided in the HAUS Welcome Letter.

From 1 August 2026 onwards:

The lease requires a single annual invoice issued on 1 August.
HAUS will normally allow up to four instalments (e.g. quarterly).
Monthly instalments will generally not be offered as standard going forward, as:

Major costs (especially insurance) must be paid annually up front, and
Monthly collection can create cash-flow risk for the building.

3. If You Have Cancelled or Missed Payments

Q7. I cancelled my First Port direct debit. What should I do?

If you have a payment due before 17 February:

Please pay the usual amount directly to First Port (e.g. by bank transfer).

This payment will be:

Included in First Port’s final reconciliation, and
Transferred to HAUS as part of your opening balance.

Then follow the HAUS instructions for payments from March onwards.

Q8. What if I accidentally pay First Port after 18 February?

First Port is required to transfer all service charge monies and balances to HAUS after handover.
A final reconciliation will capture any late or misdirected payments.
This process can take up to 90 days.
Any payment made to First Port after 18 February should be identified and transferred to HAUS with your account balance.

4. Payment Amounts & Recent Increases

Q9. My recent direct debit increased significantly. Will that continue?

First Port has passed account balances and payment data to HAUS.
HAUS will not automatically adopt First Port’s direct debit amounts.
When you return your HAUS direct debit form:

HAUS will review your account using First Port’s data.
HAUS will then confirm with you:

Your opening balance, and
Your monthly payment amount for March–July.

No HAUS direct debit will be set up until you have confirmed you are happy with the figures.

Q10. Will HAUS change my service charge mid-year?

No new budget applies until 1 August 2026.
For the remainder of the current year, HAUS will:

Work within the existing approved budget, and
Focus on controlling actual expenditure.

Any surplus or deficit will be addressed through the year-end accounts in the normal way.

5. Budgets & Future Charges

Q11. When will a new RTM/HAUS budget be introduced?

A new budget will apply from 1 August 2026 for the 2026–2027 service charge year.
Drafting will begin well in advance.
A draft budget is expected to be shared with the RTM and then leaseholders by around May, allowing time for review and questions.

Q12. Will the new budget be clearer than previous ones?

A:
Yes. The intention is to:

Break down large headings into clear, separate cost lines.
Provide plain-English descriptions of what each cost covers and how often services are delivered.
Clearly show managing agent fees and RTM-related costs.

6. Savings & Cost Control

Q13. When will we start to see savings?

Short term:

HAUS will retender key contracts (maintenance, cleaning, insurance).
Some savings may appear as reduced actual spend between 18 February and 31 July 2026.

Main impact:

The full benefit of new arrangements is expected to be reflected in the 2026–2027 budget.

7. Reserve (Sinking) Funds

Q14. What happens to the existing reserve fund?

All uncommitted reserve funds must legally transfer to HAUS after handover.
Where funds are already committed to approved works, First Port may retain those sums.
Remaining balances will transfer to HAUS and be confirmed via the final reconciliation.

8. Insurance Costs

Q15. Will insurance costs change under the RTM?

First Port will provide HAUS with policy details, claims history, and assessment information.
HAUS will retender insurance on the open market.
Overpaid premiums can usually be refunded pro-rata if the insurer changes.
Savings are common, though outcomes depend on tender results.

9. Historic Charges & Challenges

Q16. Can past service charges under First Port be reviewed or challenged?

A:
Yes, but this involves time and cost.

Independent account reviews or legal challenges (e.g. Section 27A) may be considered.
Leaseholders would be consulted before any action is taken.

10. Reconciliations & Final Balances

Q17. How long will the final financial reconciliation take?

First Port must transfer all balances and funds to HAUS.
This process can take up to 90 days from handover.
Leaseholders will be notified of any credit or debit once complete.