Search Results for "#estatemanagement"
My service charge has gone up this year, is this allowed?
Your lease will tell you if your service charge is fixed or variable. Most service charges are variable in which case your landlord can increase your service charge but it does need to be reasonable.
Why does my landlord need to collect a reserve fund (sinking fund)?
Most modern leases allow a landlord to collect money in advance to establish a sinking fund to cover the cost of cyclical or expensive work such as decoration of the outside of a building or structural repairs such as roof works. It is collected over successive years so that monies are in place when these larger works need to be carried out.
I have bought my flat so why do I have to pay ground rent?
When you purchase a leasehold flat, you buy the right to live there for a set number of years (the term) and ground rent is charged by the freeholder as rent for the land on which the building is built. The amount of ground rent you need to pay (which may be nominal) will be set out in your lease.
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