FirstPort Year End Adjustments

By Nige on August 16, 2021 at 9:27 am
Type: News Category: Service Charges
Tags: FirstPort

We have received a response from FirstPort about the change in approach to calculating year end adjustments.

We have stored an Excel file that they sent to me in the shared area here: [Old Link]. This shows the amount to pay based on completion date. We would imagine this is ordered in some way by property of surname, but this personal data has been removed (understandably).

There are two worksheets:

• 2020 YE Adjustment – this shows the 112 properties that had completed by 31st Jan 2020. We can only assume those that completed prior to 31st Jan 2019 have a “Tenancy Commencement Date” of 1st Feb 2019.
• 2021 YE Adjustment – this shows the 135 properties that had completed by 31st Jan 2021. The 112 properties listed in the 2020 YE worksheet have a “Tenancy Commencement Date” of 1st Feb 2020.

In summary:

1. Those that completed prior to 31st Jan 2020 have two years’ worth of adjustments to pay.
2. Those that completed between 1st Feb 2020 and 31st Jan 2021 have one years’ worth of adjustments to pay.
3. Not sure what happens to anyone that moved in after 1st Feb 2021. We will try and find out.
4. FirstPort has used the expenses that they declared in the Management Company accounts (namely £2,415) and the data in this spreadsheet to calculate a pro rata amount that each property needs to pay. This does seem to be a fair way of calculating it.
5. However, FirstPort still hasn’t explained how the £30 per property admin fee is accounted for.

The above simply explains how and why FirstPort has recalculated the yearly adjustments. However, none of this changes our argument that we believe we owe FirstPort nothing, on the basis that they have done nothing for us.