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John LLB
John LLB, Solicitor
Category: Property Law
Satisfied Customers: 1202
Experience:  8 years legal experience
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I own a leasehold property (one of four flats in the

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I own a leasehold property (one of four flats in the property). The lease does not have a reserve or sinking fund.The managing agent has established a reserve fund but has not sought permission/agreement from any of the leaseholders. Whilst a sinking fund may be beneficial for some people in that it can help to manage large/unexpected expenses I do not need such protection as I have adequate financial reserves to meet any costs likely to arise.
Am I obliged to contribute to the newly established reserve fund or can I simply wait until such time as expenditure occurs and then pay my share of the monies due?

The lease usually states if there is an obligation to set up a reserve fund and may allow for contributions to it but if the lease does not have a provision for a reserve fund, then you would not be obliged unless there's a variation in the lease to allow for this, and this can only be achieved if all the parties agree to the changes. If your lease does not already have a reserve fund then you do not have to contribute, so you'll just need to check the lease first before knowing. You do not have to pay anything that is not included in your lease.

I hope this help and would be grateful for a positive rating, thank you. John

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