Hi, we have bought a house on a small estate where the roads, sewers, communal land and service cables are owned by a management company. The TP1 states that we must pay a share of COSTS INCURRED each year spent on these items. We are also required to become members of the management company. Nowhere in the TP1 does it mention that we are required pay into a sinking fund for FUTURE costs.
The Objects of the management company includes the following clause:
“create and maintain any capital reserves and management funds of any kind in order to contribute and pay towards all fees, costs and any other expenses incurred in the implementation of the objects of the Company and to require the Company's members to contribute towards such funds and reserves at any such times, in such amounts and in such manner as the Company may determine and to invest and deal in and with such moneys not immediately required in such manner as the Company think fit;”
Does this mean that the company could just decide to start a sinking fund and demand that we pay into it? Does the TP1 take precedence over the management companies rules?
Thanks for any clarification!
The Objects of the management company includes the following clause:
“create and maintain any capital reserves and management funds of any kind in order to contribute and pay towards all fees, costs and any other expenses incurred in the implementation of the objects of the Company and to require the Company's members to contribute towards such funds and reserves at any such times, in such amounts and in such manner as the Company may determine and to invest and deal in and with such moneys not immediately required in such manner as the Company think fit;”
Does this mean that the company could just decide to start a sinking fund and demand that we pay into it? Does the TP1 take precedence over the management companies rules?
Thanks for any clarification!
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