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Sinking Fund
zipp
Posts: 59 Forumite
Hi everyone,
We just made an offer on a 2 bed apartment in London.
Offer has been accepted.
The building is in a large apartment complex.
Top Floor.
The building is quite modern - not a new build though.
The Estate Agent told us that there is a sinking fund.
My questions:
How and when do we find out how much is currently in the fund and if there are any planned works etc
Service charges are approx 1300 - normal for London but wnat to ensure that we don't end up with large fees along the line.
Opinions, personal experience and any other relevant tips or advice are most welcome.
Many thanks,
Zipp
We just made an offer on a 2 bed apartment in London.
Offer has been accepted.
The building is in a large apartment complex.
Top Floor.
The building is quite modern - not a new build though.
The Estate Agent told us that there is a sinking fund.
My questions:
How and when do we find out how much is currently in the fund and if there are any planned works etc
Service charges are approx 1300 - normal for London but wnat to ensure that we don't end up with large fees along the line.
Opinions, personal experience and any other relevant tips or advice are most welcome.
Many thanks,
Zipp
0
Comments
-
If you choose to employ a solicitor (and given your questions I advise that you do) then as part of hiswork he will obtain reports/accounts from the freeholder/management company.
He will also find out about any planned works.
Of course, if works are planned the day after you Complete that were not in plan beofre, you will not findout about these till you own0
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