-
Hey my lease says to pay the annual rent on the 21st June in advance with no deductions, this has not been happening, they have been asking for quarterly demands and not the full amount on a different date? Would this be an unagreed variation of the lease? -
Hypothetically, service charge accounts should earn interest, but currently the amount shouldn't be anything worth worrying about (unless there is a reserve/sinking account) because of low interest rates.Originally posted by AndrewDod View Post
In many normal situations, money shouldn't remain in service charge accounts long enough to earn interest - especially if the service charges are collected quarterly, or monthly.
I completely agree with the answer to the question though. Any interest should go into the service charge account, and therefore benefits the leaseholders.
Leave a comment:
-
It would have to go into the service charge account (which should earn interest anyway). FH can't take it - it most certainly is not their money.
Any works will cost more due to the delay.Leave a comment:
-
County Court claim interest claimed on unpaid service charge/dispute
Hi
I hope you are all well. If the landlord puts in a claim for interest on a service charge dispute who benefits from the interest if its a limited company? As I thought the landlord could not benefit for the lease?
-
Odd one here. Apologies if this is in the wrong place.. but a vote was taken when I was a volunteer director on the board of our freehold company (property is leasehold with share of freehold), about whether or not to pursue a leaseholder for a potential breach of lease. It was very murky, not much...08-08-2022, 16:44 PM
-
No, instruction of a managing agent is not "qualifying works" unless the advance agreement is for longer than a year (Long Term Agreement). Surveyor would be allowed to contribute if for the purpose of qualifying works, otherwise not. Likewise accountants I suppose.
Chocolate...09-08-2022, 13:54 PM -
I didn't know that. Does that mean that other professional costs - eg surveyors costs, accountants, even the instruction of a new Managing Agent - that would otherwise be covered due to their quantum, are not covered by Section 20?...09-08-2022, 12:49 PM
-
I wonder if there could be grounds for misapplication of funds by the directors, if acting against the majority and professional advice. Pretty serious if so.09-08-2022, 12:24 PM
-
Thanks all. We had no idea they were spending this much, no. It's only been revealed in the last accounts, and then from a concerned current director whistleblowing about the current year. We've had a long-standing problem with some directors operating as if they were managing agents themselves, rather...09-08-2022, 12:02 PM
-
Unfortunately (forgetting for the moment that the main purpose of S20 is to further monetise FHs, and to create a shield to make non-transparency even less amenable to addressing)
I don't think legal costs falls within the remit of S20
I would not be surprised if Directors...09-08-2022, 11:23 AM -
why are rag tag and bobtail running things when you employ a managing agent ? this is precisely what the agents are supposed to be doing in an amateur setup like this, if I was a flat owner I would not be happy on my service charge being wasted on this. FTT might be best solution now, but not sure...09-08-2022, 09:28 AM
-
Were you notified as leaseholders that £40k was to be spent on legal advice? Was a Section 20 notice received regarding the legal costs?...09-08-2022, 05:34 AM
-
The simple answer is yes, a board can overturn a previous decision. It was unwise after the leaseholder held a document stating that the matter was closed.
Who is the accounts department, is that not part of the managing agent? Are you saying that one part of the agent is acting contrary...09-08-2022, 05:26 AM -
I was late in paying service charge for a flat. Letter came from solicitor. I paid in full including their legal fees (their fees were £350), but was late by their deadline. Things go filed at Court, so they want an additional £1,200 in legal fees (on top of the £350 already paid. On the court form...07-08-2022, 20:47 PM
Leave a comment: