What's the best way for a group of 3 flats to set up a maintenance fund?

eddddy

sal_III wrote: »

How is it any different than any other block of flats with sinking fund?

See my post #10.

Every other block of flats relies on the leases, The Commonhold and leasehold reform act, The Landlord and Tenant Act etc.

Not a vague 'homemade agreement' made-up by an inexperienced freeholder - which won't have the protection of any parliamentary legislation.

Tom99

As eddddy has pointed out the only sensible way to do this would be to alter all three leases to include payment of service charge on account and a sinking fund.
Anything less is likely to cause problems in the future.

[Deleted User]

moneysaverlover wrote: »

The main benefit is that when someone moves out the money that they've contributed over the years is still there. I got stung by this, I moved in a couple of years ago and then shortly after the roof needs replacing.

In an ideal world the previous owners and the two flats above me would have contributed to the fund and so I would have had to pay a smaller contribution.

I guess now that we're all living here there's not actually much benefit for us, it only benefits future owners. Although it does start to spread out the cost.

Sounds like if we want to do this properly we're going to need to go through some solicitors which is gonna be a pain!

Why does the account have to be joint to achieve that? A joint account requiring 3 signature to withdraw money is going to be a total PITA as leaseholders come and go. It would also give a leaseholder to prevent payment for work they disagree with when the other two want it done.