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.