What are ‘Reserve Funds’ and what happens to the money collected?
It’s a good idea to save for any un-excepted expenditure. We believe it’s sensible for a development to have its own ‘Reserve Fund’ subject to the lease.
Reserve Funds are collected to help pay towards the cost of non-annual expenditure like major repairs, external and internal decorations.
The money is held in the same way as Service Charge funds in a secure account.