Yes. Following the end of each financial year the accounts are prepared and then audited by an independent firm of accountants. A summary is sent to every resident and the accounts will be fully explained and any questions answered at a residents’ meeting held by the Area Manager. 

House Managers keep a record on site of all invoices and receipts they have authorised and passed for payment. Requests to see this information can be made at any time.

The proportion of the overall costs of running the development allocated to your property is set by the developer and is shown in your lease/deeds. Typically the amount paid is based on whether you have one, two or three bedroom property, with two or three bedroom properties incurring higher charges.

Peverel Retirement aims to control costs and give value for money. This objective is helped greatly by the fact that we manage developments across the country. The experience and negotiating power which this gives us is far greater than that of an individual. However, it is not possible to give a set percentage for any increase, as costs of items such as the communal metered water supply are outside our control. Legislative changes may also affect costs, for example the rate of VAT.

The management fee relates to the services Peverel Retirement administer to look after the development. The fee is shown clearly in the service charge accounts for every development and is split into two parts: estate management and accounts administration.

Management fee items include the preparation and issue of annual accounts; the production and distribution of printed information for residents; House Manager training, recruitment and welfare; company operating costs including staff travel; and head office overheads and running costs.

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This will be clearly set out in your budget and accounts.

The Association of Retirement Housing Managers code states our fees should be charged on a per property basis. We benchmark our fees on a frequent basis. We also hold an annual finance meeting with residents where any concerns can be shared with the Area Manager.

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Our average management fee is well under the Tenant Services Authority (TSA) recommendation of £360.

Every year we conduct an audit of our service charges at each development to ensure costs are reasonable. We also hold an annual finance meeting with residents where questions can be raised with our operations team.

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Subject to your circumstances, you may be able to obtain support through your local benefits agency.