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Why do I pay into a sinking fund?

Some leases state that you have to pay extra contributions on top of your service charge to build up a reserve amount of money.

This is known as a sinking fund and it is used to pay for more expensive work to shared areas of your property, such as replacing a roof or repairing a lift.

A sinking fund is intended to spread the cost of these repairs between previous and future residents of a property, and to stop you being faced with an unexpected bill. Please see your lease for more information, or contact us.

Keywords - major works
 
 

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