We believe that reserve funds are essential for the smooth running of blocks of flats. They enable major works to be funded at the appropriate time without the need for large, one off, payments from leaseholders.
Funds being collected over a number of years allow leaseholders to pay for wear and tear through the period of their ownership. Otherwise the burden falls entirely on leaseholders current at the time of the work, and they may only just have purchased.
Bear in mind that not all leases allow for the collection of a reserve fund.
