Cap service charge on retirement village properties during resale period.

Background

We urge the government to limit the period that service charges might apply on retirement village properties, based on fees due over a period of time considered reasonable for resale (e.g. 6 months).

Additional details

While service charges due are recognised as being tied to the deceased’s estate, and not the individual beneficiaries or executors, capping the service charges due over a period (e.g. 6-months, at a value equivalent to when the property was first acquired) would not only encourage the management companies to promote a sale, but also encourage prospective purchasers with the knowledge of a known maximum financial commitment due from the estate (also assisting the probate process).

Where it’s popular

Constituencies with the most signatures on this petition.