Explanation of the Fixed Queen Elizabeth Estate Charge
Dear Residents,
Please see updated information regarding the Estate Charge, apologies for any inconvenience.
Explanation of the Fixed Queen Elizabeth Estate Charge at Chobham Manor
For private owners under the terms of your lease or transfer with Chobham Manor LLP, you are required to pay the Fixed Queen Elizabeth Estate Charge (FQEEC). In addition to this you are required to pay the Queen Elizabeth Administrative Charge which is 5% of the Fixed Queen Elizabeth Estate Charge.
The FQEEC, is reviewed annually and is increased by the Retail Price Index (RPI) for March. When we demand in April each year this relates to the charges set for the previous accounting. So, on 1st April 2023, we are recovering charges for 1st March 2022 to 31st March 2023. The amount you are paying is based on the preceding RPI uplift, which in the case of the 2023/24 demand was March 2022, which was 9%.
Whilst there is a requirement to pay the FQEEC in full on 1st January each year or in accordance with such other payment schedule as the Management Company may specify. As L&Q acting as the managing agent for the Management Company use the financial year as the basis of its billing, we therefore demand this payment on 1st April. Whilst all charges under the terms of the lease / transfer are due within 14 days of a demand, we have noted concerns raised by residents that this may be difficult to pay due to the current cost of living pressures some may be experiencing, so we will continue to charge this on a monthly basis. However, as this is a fixed charge we are now issuing you with a separate demand.
If you are a shared owner of L&Q you will continue to pay your charges to L&Q in accordance with your lease.