How is Service Charge Calculated?

In accordance with the internationally recognised Royal Institute of Chartered Surveyors (RICS), service charge is calculated based on the Net Internal Area (NIA) of your property. The bigger the NIA, the greater the amount of service charge payable. At the beginning of each year, a budget is created in order to predict the required expenditure for the upcoming year. The total charged represents the individual property’s share of the budget, based on the NIA.