Frequently Asked Question

The leases and conveyances of 1983 set out the way in which the service charge is calculated. Both documents specifically say your Management Company shall "estimate what shall require to be done in respect of such costs expenses outgoings as aforesaid during the half year then next ensuing or such extended period as the Management Company shall deem necessary and the cost thereof making all necessary allowances for surpluses or deficiencies of previous estimates" so whilst it is correct that the budget can provide for future works to be carried out that does not allow a general reserve to be accumulated. As there is no legal basis to operate a sinking fund or a reserve fund this is not charged for. 

Members have expressed their wish to have a reserve (this is entirely optional). To facilitate this the Company does allow regular overpayments to accrue to the purchasers own account where it may be felt useful to smooth payments through a period of varying demands. These are held in owners individual accounts at our managing agents.