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Escrow or some kind of holding account re service charge monies
glicky
Posts: 318 Forumite
My friend and 35 other leaseholders have been ordered to pay 18k by Dec for external works on the block of flats they live in via service charge.
The management say that if all monies are in the work will begin around May.
They are concerned that if they pay monies before any guarantee of a commencement date that their monies could be tied up for a long time until they actually do the work.
They have asked (twice) for a commencement date in writing but this has not been answered. The only reply was that if leaseholders did not pay by Dec they would proceed with actions towards taking a charge on leaseholders' property
.
The only way that they can see to safeguard their money is to open an escrow or some kind of holding account with a third party e.g. a solicitor.
Anyone know about this? Pro's & Cons?
Also how much extra roughly would it cost them?
If the managing agents do not agree to this (I suspect not) where do they stand legally?
If the managing agents proceed with a judgment would this holding account show good faith of payment?
I would appreciate any information that you may have.
Thanks in advance.
The management say that if all monies are in the work will begin around May.
They are concerned that if they pay monies before any guarantee of a commencement date that their monies could be tied up for a long time until they actually do the work.
They have asked (twice) for a commencement date in writing but this has not been answered. The only reply was that if leaseholders did not pay by Dec they would proceed with actions towards taking a charge on leaseholders' property
.
The only way that they can see to safeguard their money is to open an escrow or some kind of holding account with a third party e.g. a solicitor.
Anyone know about this? Pro's & Cons?
Also how much extra roughly would it cost them?
If the managing agents do not agree to this (I suspect not) where do they stand legally?
If the managing agents proceed with a judgment would this holding account show good faith of payment?
I would appreciate any information that you may have.
Thanks in advance.
0
Comments
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Can you please add to your existing threads instead of starting new ones on the same topic? It saves us repeating the same questions and answers and means all the information is in one place.
https://forums.moneysavingexpert.com/discussion/4215515
https://forums.moneysavingexpert.com/discussion/4280619
https://forums.moneysavingexpert.com/discussion/4293051
Has anyone spoken with LEASE yet?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Can you please add to your existing threads instead of starting new ones on the same topic? It saves us repeating the same questions and answers and means all the information is in one place.
https://forums.moneysavingexpert.com/discussion/4215515
https://forums.moneysavingexpert.com/discussion/4280619
https://forums.moneysavingexpert.com/discussion/4293051
Has anyone spoken with LEASE yet?
Apologies - I've tried to amalgamate them.
What do you mean "Has anyone spoken with LEASE yet"?0 -
Have linked to LEASE before and suggested their excellent (free
) telephone advice line in a previous thread. Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Oh yes, thank you.Have linked to LEASE before and suggested their excellent (free) telephone advice line in a previous thread.
Have spoken with them, but not on the latest issue. Just wanted to know if someone here knew anything
0 -
See other thread.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0
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