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Reserve charges
anuarun
Posts: 38 Forumite
Hi,
I'm a first time buyer and buying a flat.
I did note in the budget allocation that the management of the flats was charging 350 pounds as reserve funds for the first time this year in addition to teh servise charges.
Do all the apartment's management charge this amount for reserve fund as a part of service charges?
Is there a maximum or minimum limit of reserve charges ?
Thanks,
AA
I'm a first time buyer and buying a flat.
I did note in the budget allocation that the management of the flats was charging 350 pounds as reserve funds for the first time this year in addition to teh servise charges.
Do all the apartment's management charge this amount for reserve fund as a part of service charges?
Is there a maximum or minimum limit of reserve charges ?
Thanks,
AA
0
Comments
-
A good management agent will set up a reserve fund. The amount collected is decided in the yearly budget after consultation with leaseholders. Your lease may also dictate that there must be a reserve fund and at what level.
You dont want any unexpected bills coming in for lifts, roof etc etc. The reserve fund is there for such emergencies.I love this site :beer:0
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