Looking after your service charge fund

The service charge reflects the costs of providing the range of services and maintaining the common parts of a particular development. Each property owner contributes by means of the service charge which is normally governed by the terms of the lease or transfer documents.

OM Property Management follows both the legislative requirements and the industry Codes of Practice issued by The Association of Residential Managing Agents (ARMA) and The Royal Institution of Chartered Surveyors (RICS) as they apply to the management of Service Charge accounts and the holding of customers’ money.

All annual service charge payments are transferred directly into a development specific bank account, held under the terms of a statutory trust. All development bank accounts are maintained with Bank of Scotland based in Edinburgh.

Our leaflet Management of Development Client Bank Accounts describes how we manage client bank accounts in more detail. Development bank accounts cannot be combined by the Bank of Scotland nor paid into the managing agent’s bank account.

"All Service Charge monies are paid into a named, interest-bearing bank account, held under statutory trust, specific to your development. All interest earned is applied to this account."