Leaseholders

Renewals Fund

The contribution to Renewals Fund included in your service charge is calculated on the estimated costs of future likely large expenditure for major works.  For example a new roof, replacement windows, redecoration of external and communal parts etc.

These items can be very expensive and the idea of the ‘Renewals Fund’ is to build up credit which can be used to offset these costs.  The monies paid into this fund are attached to the property, not the person and therefore transfer to the purchaser if the property is sold.  The funds can only be ‘spent’ as payment for items for which you receive a Section 20 Notice to carry out major works. (Click on page tab entitled 'Major Works and the Section 20 Process' for more information)