UK Landlord Forum / Life

Can anyone advise me on this: I own a leasehold flat. The new property management company did a survey of the building, coming up with thousands of pounds worth of repairs to be split across four properties within the building. Although I absolutely agree that the work needs to be done, what are my rights about how and when to pay? Will I have to pay all the money (almost £10,000) up front, or is there a more gentle payment option in these cases that I can push for? How safe is it to hand over that much money to a company like this?
I have also heard rumours from the property company that one of the other flats may be repossessed - how with this affect the scheduled works?
Thanks!

Hi again,

I haven't been able to find out answers to these questions myself - as always, any suggestions, advice, appreciated!

Hello cgareth

Some of the answer will be in your lease.  It may contain a provision for a "sinking fund", which should act like a shock absorber against large bills which have a very long term benefit (e.g. a new roof).  If you have a sinking fund you should be asking the agents how they intend to use the fund to cushion you against adverse cash flow impacts of large jobs.

Also visit: http://www.lease-advice.org/

This is an excellent source on leasehold law, most of it in laymans terms.  The managing agent owes you a legal duty to obtain good value quotes and consult on the way work is undertaken.  The law does not make things a doddle for you, but if learn the law and show the agents you understand it and they'll bargain with you.