Vacant Lot Fees
Indenture Charges apply to vacant lots under the terms of your Indenture of Conveyance. We adjust them every five years to reflect any increase in the cost of living as published by the Bureau of Labor Statistics of the United States Department of Labor. The next adjustment is due in 2021.
Lots Under Construction
From the date of approval of a construction application, the Property is subject to a reduced maintenance assessment, known as a provisional maintenance fee. Full details of this and other fees applicable during construction are set out in this article.
We divide the net operational costs of the community by the total number of square feet of the homes. The latter are measured in accordance with the specification set out below to compute an assessed rate per square foot. Each Property incurs an annual maintenance charge, being the calculated area multiplied by the assessed rate. The Indenture Charge is included in the maintenance assessment.
We use a firm of Chartered Surveyors to measure each home in order to calculate the maintenance assessment. The cost of this is included in the construction fee if it is a new building. The following are the areas used in determining the applicable maintenance charge:
- Enclosed buildings measured along the exterior perimeter walls
- Any formed, fitted out, enclosed and floored roof space
- In the case of townhouses, half of the area of the common walls
- Fully enclosed porches and balconies
- Enclosed garages whether or not air-conditioned
We exclude covered porches and balconies that are mesh-screened, low unfinished storage areas outside knee walls, covered balconies, carports, gazebos, and tool sheds. If we need to assess or reassess your home, we will give ample warning and advice.