I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Many thaks for your prompt reply. If a separate account is not used, how would you recomend notification of costs incurred, and current value of maintenance fund.
Brian, thank you for your reply.A bank account should be sufficient to record all incomings and outgoings in the first place.What is important is that each activity is clearly identified and inflow and outflow of funds is allocated to activity as appropriate. Maybe on a quarterly basis some internal statement is prepared (management accounts) that reconciles movement of funds to activities undertaken.A competent book-keeper should be able to provide this service at reasonable cost.I hope this is helpful.
Are you suggesting that the private bank account for the 4 flats would be sufficient? I note that it is important for each each activity to be clearly identified and inflow and outflow of funds is allocated to activity as appropriate. Obviously the freeholders/lesses would not have any access to this bank account.