An annual service charge is payable by each owner. The service charge is calculated on the total running costs of the estate and is divided equally between all the owners.
This is one of the great benefits of fractional ownership and reduces the liability you have for the running costs of the estate. It also allows you to arrive at your holiday home, ready to start your holiday; without the normal anxiety you may feel if you owned the property outright and were wondering what your first job may be!
The ten owners of Casa Giacomo will share the annual running costs of their house and its private garden plus the costs of the common areas (swimming pool, tennis court, vineyard, olive groves and common gardens, company costs and management charge) which will be divided equally between all thirty owners of Casa Giacomo and Casa Leopardi nord and sud.
The annual service charge ensures the professional management and operation of the estate. Included in these annual dues are supplies, housekeeping (handover cleaning, linen and towel changes,), arrival provisions, essential condiments, maintenance (pool cleaning, gardening, vineyard and olive groves maintenance and general maintenance), company legal/accounting, insurance, capital reserves (for replacements and future decoration), utilities, property taxes and an annual management charge.
All costs are charged on an actual cost basis and available for review by owners on an annual basis. For the first year of operation the annual service charge per share is estimated to be £500 per week of ownership. Any difference will be either charged or refunded after the annual accounts are finalised. Management is provided by Appassionata, who have office only 10 minutes away.
