We base our planned maintenance programme on the age, type and condition of each item.
Paying for maintenance with the sinking fund
To pay for major work, your lease might require you to pay into a sinking fund (or reserve fund) as part of your service charge. This fund is sometimes split into capital and cyclical funds. They help towards the long-term maintenance of your home.
A cyclical fund would cover things like decorating and replacing communal carpets or furnishings. A capital fund pays to repair or replace things like door entry systems, lifts, roofs, water pumps, TV aerials or windows. Your lease would usually specify what items would be covered by this.
Why pay into the sinking fund?
Paying into these funds spreads the cost of major works. It means you’re less likely to have to pay extra when we need to carry out major works. And they help to keep your building in good condition.
If you live in a development where some homes are rented, these neighbours will also contribute to the sinking fund from their rent. Your annual statement will tell you how much is available in the fund and how it’s used.
If you don’t pay into a sinking fund, you’ll have to contribute for any necessary repair work when it is needed. We recommend saving money towards this as maintenance work can be expensive.
Knowing what to expect
We’ll always consult our homeowners when repairs or replacements will cost over a certain amount. For larger repairs to the building or communal areas, this is anything over £250 per home.
We’ll give you notice before starting any work to your home.
What happens when you move out?
If you sell your home, any money that you have contributed to the sinking fund is kept there to be used towards future maintenance. This is because the sinking fund is linked to the building and the homes within in, rather than to individual leaseholders.