Reserve Funds
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The Management Pack Revealed Major Works: Should You Have Been Warned When You Bought?
Buying a leasehold flat can lead to unexpected financial burdens due to planned major works, potentially altering service charges. The proposed October 2026 Conveyancing Protocol aims to enhance transparency by requiring conveyancers to report potential expenses identified in management packs. Buyers must understand all related costs and funding before proceeding with a purchase.
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The £7,000 Service Charge: Could You Still Sell the Flat?
Service charges in older tall buildings can exceed £7,000 a year on average. Buyers need to understand the current bill, reserve fund, major works and future saleability before exchange.